McCormick & Company, Incorporated (NYSE:MKC) Posts Quarterly Earnings Results, Beats Estimates 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. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the prior year, the firm earned $0.59 EPS. The company’s revenue for the quarter 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 NYSE:MKC traded up $0.76 during midday trading on Thursday, hitting $76.79. The stock had a trading volume of 595,524 shares, compared to its average volume of 2,135,077. The stock has a 50 day moving average price of $67.73 and a two-hundred day moving average price of $67.74. The company has a market capitalization of $20.60 billion, a PE ratio of 29.02, a P/E/G 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 has a 1 year low of $59.13 and a 1 year high of $94.39.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed 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 2.19%. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Wall Street Analysts Forecast Growth

MKC has been the topic of several research reports. Citigroup raised their price target on shares of McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a research note on Wednesday. Barclays boosted their price target on shares of McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday. JPMorgan Chase & Co. lowered their price objective on shares of McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating for the company in a research note on Friday, January 26th. Consumer Edge lowered McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research report on Monday, January 22nd. Finally, Stifel Nicolaus boosted their target price on shares of McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In related news, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $65.20, for a total value of $326,000.00. Following the sale, 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 Securities & Exchange Commission, which is available through this link. 22.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in McCormick & Company, Incorporated by 15.9% in the 1st quarter. American Century Companies Inc. now owns 5,072 shares of the company’s stock valued at $506,000 after buying an additional 696 shares during the period. Vontobel Holding Ltd. lifted its stake in shares of McCormick & Company, Incorporated by 28.1% during the first quarter. Vontobel Holding Ltd. now owns 6,448 shares of the company’s stock worth $627,000 after purchasing an additional 1,415 shares in the last quarter. Sei Investments Co. boosted its holdings in McCormick & Company, Incorporated by 1.0% in the 1st quarter. Sei Investments Co. now owns 108,139 shares of the company’s stock worth $10,803,000 after acquiring an additional 1,048 shares during the period. Prudential PLC acquired a new stake in McCormick & Company, Incorporated during the 1st quarter valued at $543,000. Finally, Sequoia Financial Advisors LLC purchased a new stake in shares of McCormick & Company, Incorporated during the first quarter worth about $313,000. Institutional investors and hedge funds own 79.74% of the company’s stock.

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.