McCormick & Company, Incorporated (NYSE:MKC) Releases FY 2022 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKCGet Rating) updated its FY 2022 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.03-$3.08 for the period, compared to the consensus estimate of $3.17. The company issued revenue guidance of $6.51 billion-$6.63 billion, compared to the consensus revenue estimate of $6.59 billion. McCormick & Company, Incorporated also updated its FY22 guidance to $3.03-3.08 EPS.

Several equities research analysts have recently issued reports on the stock. TheStreet downgraded shares of McCormick & Company, Incorporated from a b rating to a c+ rating in a research note on Wednesday, June 15th. StockNews.com assumed coverage on shares of McCormick & Company, Incorporated in a research note on Thursday, March 31st. They issued a hold rating on the stock. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of McCormick & Company, Incorporated from $91.00 to $85.00 and set a hold rating on the stock in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $96.50.

MKC stock traded down $0.58 during midday trading on Friday, hitting $82.67. The stock had a trading volume of 1,510,718 shares, compared to its average volume of 1,433,150. The firm has a market capitalization of $22.16 billion, a price-to-earnings ratio of 29.84, a P/E/G ratio of 4.58 and a beta of 0.45. McCormick & Company, Incorporated has a 52 week low of $77.85 and a 52 week high of $107.35. The stock has a 50-day simple moving average of $91.97 and a 200 day simple moving average of $95.90. The company has a current ratio of 0.73, a quick ratio of 0.32 and a debt-to-equity ratio of 0.86.

McCormick & Company, Incorporated (NYSE:MKCGet Rating) last issued its earnings results on Wednesday, June 29th. The company reported $0.48 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.17). The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.61 billion. McCormick & Company, Incorporated had a return on equity of 18.00% and a net margin of 11.77%. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the business earned $0.69 earnings per share. On average, equities analysts forecast that McCormick & Company, Incorporated will post 3.15 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, July 25th. Investors of record on Monday, July 11th will be given a $0.37 dividend. The ex-dividend date of this dividend is Friday, July 8th. This represents a $1.48 annualized dividend and a yield of 1.79%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is currently 53.43%.

In other McCormick & Company, Incorporated news, CFO Michael R. Smith sold 19,986 shares of McCormick & Company, Incorporated stock in a transaction on Wednesday, April 20th. The stock was sold at an average price of $104.04, for a total transaction of $2,079,343.44. Following the completion of the transaction, the chief financial officer now directly owns 93,025 shares of the company’s stock, valued at $9,678,321. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Margaret M. V. Preston sold 10,580 shares of McCormick & Company, Incorporated stock in a transaction on Wednesday, June 29th. The shares were sold at an average price of $84.44, for a total value of $893,375.20. Following the transaction, the director now directly owns 12,660 shares of the company’s stock, valued at $1,069,010.40. The disclosure for this sale can be found here. 15.90% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of McCormick & Company, Incorporated by 1.6% in the first quarter. Vanguard Group Inc. now owns 28,955,774 shares of the company’s stock worth $2,889,787,000 after acquiring an additional 462,997 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in McCormick & Company, Incorporated by 3.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,199,578 shares of the company’s stock worth $119,718,000 after purchasing an additional 34,676 shares during the last quarter. Clearbridge Investments LLC raised its position in McCormick & Company, Incorporated by 12.1% in the 1st quarter. Clearbridge Investments LLC now owns 740,328 shares of the company’s stock worth $73,885,000 after purchasing an additional 79,812 shares during the last quarter. First Trust Advisors LP lifted its holdings in McCormick & Company, Incorporated by 2.3% during the 1st quarter. First Trust Advisors LP now owns 719,628 shares of the company’s stock worth $71,819,000 after buying an additional 16,164 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in McCormick & Company, Incorporated by 264.0% in the 1st quarter. Renaissance Technologies LLC now owns 325,800 shares of the company’s stock valued at $32,515,000 after buying an additional 236,304 shares during the last quarter. 74.86% of the stock is owned by institutional investors.

McCormick & Company, Incorporated Company Profile (Get Rating)

McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.

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Earnings History and Estimates for McCormick & Company, Incorporated (NYSE:MKC)

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