McCormick & Company, Incorporated (NYSE:MKC) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

McCormick & Company, Incorporated (NYSE:MKC) released its quarterly earnings results on Tuesday. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.05, RTT News reports. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.59 earnings per share. McCormick & Company, Incorporated updated its FY 2024 guidance to 2.800-2.850 EPS and its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Trading Down 1.7 %

MKC opened at $76.02 on Thursday. The company has a fifty day moving average price of $67.73 and a two-hundred day moving average price of $67.74. McCormick & Company, Incorporated has a 1-year low of $59.13 and a 1-year high of $94.39. The company has a market cap of $20.39 billion, a P/E ratio of 29.02, a price-to-earnings-growth ratio of 4.20 and a beta of 0.73. The company has a current ratio of 0.68, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 22nd. Stockholders of record on Monday, April 8th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.21%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is 64.12%.

Insider Transactions at McCormick & Company, Incorporated

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $65.20, for a total value of $326,000.00. Following the completion of the sale, the director now owns 39,181 shares of the company’s stock, valued at $2,554,601.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 22.90% of the company’s stock.

Institutional Investors Weigh In On McCormick & Company, Incorporated

Several hedge funds and other institutional investors have recently made changes to their positions in MKC. Moneta Group Investment Advisors LLC raised its position in McCormick & Company, Incorporated by 92,736.4% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock valued at $478,334,000 after buying an additional 5,764,492 shares during the last quarter. Norges Bank bought a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at about $148,700,000. Holocene Advisors LP bought a new position in shares of McCormick & Company, Incorporated during the second quarter valued at about $77,091,000. FIL Ltd purchased a new position in McCormick & Company, Incorporated during the fourth quarter worth about $50,733,000. Finally, Goldman Sachs Group Inc. grew its position in McCormick & Company, Incorporated by 29.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,190,234 shares of the company’s stock worth $218,276,000 after purchasing an additional 730,328 shares in the last quarter. 79.74% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Consumer Edge downgraded shares of McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 22nd. JPMorgan Chase & Co. lowered their target price on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a research report on Friday, January 26th. Barclays reduced their price target on McCormick & Company, Incorporated from $74.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 16th. Stifel Nicolaus increased their price target on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Citigroup lifted their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $75.63.

About McCormick & Company, Incorporated

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.