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

McCormick & Company, Incorporated (NYSE:MKC) issued its earnings results on Tuesday. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05, RTT News reports. McCormick & Company, Incorporated had a return on equity of 14.45% and a net margin of 10.56%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the prior year, the firm earned $0.59 EPS. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. 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 Up 1.5 %

Shares of McCormick & Company, Incorporated stock traded up $1.11 on Thursday, hitting $77.14. 971,364 shares of the company’s stock traded hands, compared to its average volume of 2,140,635. McCormick & Company, Incorporated has a one year low of $59.13 and a one year high of $94.39. 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 company has a fifty day moving average of $67.73 and a two-hundred day moving average of $67.74. The company has a market capitalization of $20.69 billion, a price-to-earnings ratio of 29.02, a price-to-earnings-growth ratio of 4.20 and a beta of 0.73.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 22nd. Investors 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 2.18%. McCormick & Company, Incorporated’s payout ratio is 64.12%.

Insider Activity at McCormick & Company, Incorporated

In related news, Director Michael D. Mangan sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $65.20, for a total transaction of $326,000.00. Following the sale, the director now owns 39,181 shares in the company, valued at approximately $2,554,601.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 22.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new position in McCormick & Company, Incorporated in the first quarter worth approximately $44,000. ICA Group Wealth Management LLC purchased a new position in shares of McCormick & Company, Incorporated during the fourth quarter valued at approximately $46,000. KB Financial Partners LLC purchased a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $49,000. Milestone Investment Advisors LLC purchased a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $52,000. Finally, Fortis Capital Advisors LLC purchased a new position in shares of McCormick & Company, Incorporated during the first quarter valued at approximately $59,000. Institutional investors own 79.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MKC. Barclays upped their target price on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday. Consumer Edge cut McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 22nd. JPMorgan Chase & Co. decreased their price target on 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. 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 increased their price target on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the company a “sell” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $76.25.

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.