McCormick & Company, Incorporated (NYSE:MKC) Updates Q3 2022 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKCGet Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $0.65-$0.65 for the period, compared to the consensus earnings per share estimate of $0.83. The company issued revenue guidance of $1.59 billion-$1.59 billion, compared to the consensus revenue estimate of $1.63 billion. McCormick & Company, Incorporated also updated its FY 2022 guidance to $2.63-$2.68 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MKC shares. Deutsche Bank Aktiengesellschaft reduced their price target on shares of McCormick & Company, Incorporated from $85.00 to $79.00 and set a hold rating on the stock in a research report on Thursday, September 8th. Barclays decreased their price objective on shares of McCormick & Company, Incorporated from $94.00 to $82.00 and set an equal weight rating for the company in a report on Monday, September 12th. TheStreet downgraded shares of McCormick & Company, Incorporated from a b rating to a c+ rating in a report on Wednesday, June 15th. Finally, Argus downgraded shares of McCormick & Company, Incorporated from a buy rating to a hold rating in a report on Wednesday, July 6th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, McCormick & Company, Incorporated currently has a consensus rating of Hold and an average target price of $93.25.

McCormick & Company, Incorporated Price Performance

McCormick & Company, Incorporated stock traded down $0.82 during midday trading on Friday, hitting $75.85. The company’s stock had a trading volume of 4,175 shares, compared to its average volume of 1,319,033. The company has a quick ratio of 0.31, a current ratio of 0.74 and a debt-to-equity ratio of 0.85. The stock’s 50-day moving average price is $85.18 and its 200-day moving average price is $90.88. McCormick & Company, Incorporated has a 12 month low of $76.62 and a 12 month high of $107.35. The company has a market capitalization of $20.35 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 5.47 and a beta of 0.51.

McCormick & Company, Incorporated (NYSE:MKCGet Rating) last posted its quarterly earnings data on Wednesday, June 29th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.17). The company had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.61 billion. McCormick & Company, Incorporated had a return on equity of 16.48% and a net margin of 10.78%. McCormick & Company, Incorporated’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.69 EPS. Analysts anticipate that McCormick & Company, Incorporated will post 2.65 earnings per share for the current fiscal year.

McCormick & Company, Incorporated Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 25th. Shareholders of record on Monday, July 11th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, July 8th. This represents a $1.48 annualized dividend and a yield of 1.95%. McCormick & Company, Incorporated’s payout ratio is presently 58.50%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Margaret M. V. Preston sold 10,580 shares of the business’s stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $84.44, for a total transaction of $893,375.20. Following the sale, the director now owns 12,660 shares in the company, valued at approximately $1,069,010.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 15.90% of the company’s stock.

Hedge Funds Weigh In On McCormick & Company, Incorporated

Large investors have recently made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new position in shares of McCormick & Company, Incorporated in the 1st quarter valued at about $44,000. Federated Hermes Inc. grew its stake in shares of McCormick & Company, Incorporated by 408.6% in the 1st quarter. Federated Hermes Inc. now owns 1,648 shares of the company’s stock valued at $164,000 after buying an additional 1,324 shares in the last quarter. Fund Management at Engine No. 1 LLC bought a new stake in shares of McCormick & Company, Incorporated in the 1st quarter valued at approximately $211,000. Horizon Investments LLC bought a new stake in shares of McCormick & Company, Incorporated in the 1st quarter valued at approximately $224,000. Finally, PDT Partners LLC bought a new stake in shares of McCormick & Company, Incorporated in the 2nd quarter valued at approximately $217,000. Institutional investors and hedge funds own 78.09% of the company’s stock.

About McCormick & Company, Incorporated

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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.

See Also

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

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