McCormick & Company, Incorporated (NYSE:MKC) Updates FY 2024 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.800-2.850 for the period, compared to the consensus earnings per share estimate of 2.830. The company issued revenue guidance of $6.5 billion-$6.7 billion, compared to the consensus revenue estimate of $6.6 billion. McCormick & Company, Incorporated also updated its FY24 guidance to $2.80-2.85 EPS.

McCormick & Company, Incorporated Price Performance

MKC opened at $76.02 on Thursday. McCormick & Company, Incorporated has a 12-month low of $59.13 and a 12-month high of $94.39. The company has a current ratio of 0.68, a quick ratio of 0.28 and a debt-to-equity ratio of 0.63. The stock has a 50-day moving average price of $67.73 and a 200-day moving average price of $67.74. The stock has a market capitalization of $20.39 billion, a P/E ratio of 29.02, a PEG ratio of 4.20 and a beta of 0.73.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings results on Tuesday, March 26th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.55 billion. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. McCormick & Company, Incorporated’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.59 EPS. Equities analysts predict that McCormick & Company, Incorporated will post 2.82 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on MKC. Barclays decreased their target price on McCormick & Company, Incorporated from $74.00 to $71.00 and set an equal weight rating for the company in a research report on Tuesday, January 16th. Stifel Nicolaus increased their target price on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a hold rating in a research report on Wednesday. Citigroup increased their target price on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a sell rating in a research report on Wednesday. JPMorgan Chase & Co. decreased 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. Finally, Consumer Edge downgraded McCormick & Company, Incorporated from an overweight rating to an equal weight rating in a research note on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $75.63.

Insider Activity

In related news, Director Michael D. Mangan sold 5,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 39,181 shares of the company’s stock, valued at approximately $2,554,601.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 22.90% of the company’s stock.

Hedge Funds Weigh In On McCormick & Company, Incorporated

A number of institutional investors have recently bought and sold shares of MKC. Moneta Group Investment Advisors LLC grew its position in shares of McCormick & Company, Incorporated by 92,736.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock valued at $478,334,000 after purchasing an additional 5,764,492 shares in the last quarter. Norges Bank purchased a new position in McCormick & Company, Incorporated during the 4th quarter valued at approximately $148,700,000. Holocene Advisors LP bought a new stake in McCormick & Company, Incorporated in the 2nd quarter worth approximately $77,091,000. FIL Ltd purchased a new stake in shares of McCormick & Company, Incorporated during the 4th quarter worth approximately $50,733,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of McCormick & Company, Incorporated by 29.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,190,234 shares of the company’s stock valued at $218,276,000 after purchasing an additional 730,328 shares in the last quarter. 79.74% of the stock is owned by institutional investors.

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.