McCormick & Company, Incorporated (NYSE:MKC) Issues FY24 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.85-2.90 for the period, compared to the consensus EPS estimate of $2.93.

McCormick & Company, Incorporated Trading Down 0.0 %

MKC stock traded down $0.01 during midday trading on Wednesday, reaching $78.85. The stock had a trading volume of 64,753 shares, compared to its average volume of 1,924,441. The business has a fifty day simple moving average of $81.08 and a two-hundred day simple moving average of $75.84. The company has a quick ratio of 0.32, a current ratio of 0.71 and a debt-to-equity ratio of 0.61. The firm has a market cap of $21.18 billion, a price-to-earnings ratio of 28.78, a PEG ratio of 3.66 and a beta of 0.77. McCormick & Company, Incorporated has a twelve month low of $61.12 and a twelve month high of $85.49.

McCormick & Company, Incorporated (NYSE:MKC) last announced its quarterly earnings data on Tuesday, October 1st. The company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.15. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The company’s revenue was down .3% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. As a group, research analysts expect that McCormick & Company, Incorporated will post 2.92 EPS for the current fiscal year.

McCormick & Company, Incorporated Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, October 7th were given a $0.42 dividend. The ex-dividend date was Monday, October 7th. This represents a $1.68 dividend on an annualized basis and a yield of 2.13%. McCormick & Company, Incorporated’s payout ratio is 61.31%.

Analysts Set New Price Targets

MKC has been the subject of a number of research reports. BNP Paribas upgraded McCormick & Company, Incorporated to a “strong-buy” rating in a research report on Wednesday, October 2nd. TD Cowen raised their target price on McCormick & Company, Incorporated from $84.00 to $86.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. Bank of America raised their target price on McCormick & Company, Incorporated from $95.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, October 2nd. Finally, Stifel Nicolaus raised their target price on McCormick & Company, Incorporated from $75.00 to $85.00 and gave the stock a “hold” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, McCormick & Company, Incorporated presently has a consensus rating of “Hold” and a consensus target price of $79.57.

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.