McCormick & Company, Incorporated (NYSE:MKC) Issues Quarterly Earnings Results

McCormick & Company, Incorporated (NYSE:MKC) announced its earnings results on Tuesday. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05, RTT News reports. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The company had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the previous year, the company posted $0.59 EPS. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. 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 Stock Performance

Shares of MKC traded up $0.85 during mid-day trading on Thursday, reaching $76.88. 644,613 shares of the company’s stock were exchanged, compared to its average volume of 2,135,876. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.28. The stock has a market capitalization of $20.62 billion, a PE ratio of 29.02, a price-to-earnings-growth ratio of 4.20 and a beta of 0.73. The business’s fifty day simple moving average is $67.73 and its 200-day simple moving average is $67.74. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $94.39.

McCormick & Company, Incorporated Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.19%. McCormick & Company, Incorporated’s dividend payout ratio (DPR) is presently 64.12%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Citigroup boosted their price target on shares of McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research report on Wednesday. Stifel Nicolaus boosted their price objective on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday. Barclays boosted their price target on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. cut their price target on shares of McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a research note on Friday, January 26th. Finally, Consumer Edge lowered shares of McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 22nd. Two investment 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. Based on data from MarketBeat.com, McCormick & Company, Incorporated currently has a consensus rating of “Hold” and an average target price of $76.25.

Insider Transactions at McCormick & Company, Incorporated

In related news, Director Michael D. Mangan sold 5,000 shares of McCormick & Company, Incorporated stock in a transaction on Thursday, February 15th. The shares were 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 in the company, valued at approximately $2,554,601.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 22.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MKC. Point72 Hong Kong Ltd purchased a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $44,000. ICA Group Wealth Management LLC purchased a new stake in McCormick & Company, Incorporated during the 4th quarter worth about $46,000. KB Financial Partners LLC purchased a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $49,000. Milestone Investment Advisors LLC purchased a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $52,000. Finally, Fortis Capital Advisors LLC purchased a new stake in McCormick & Company, Incorporated during the 1st quarter worth about $59,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

McCormick & Company, Incorporated Company Profile

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.