McCormick & Company, Incorporated (NYSE:MKC) Releases Earnings Results, Beats Estimates By $0.05 EPS

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

MKC stock traded up $0.78 during trading on Thursday, reaching $76.81. 2,583,550 shares of the company’s stock were exchanged, compared to its average volume of 2,168,718. The company has a quick ratio of 0.28, a current ratio of 0.68 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. The company’s fifty day moving average price is $67.73 and its 200-day moving average price is $67.74. The firm has a market cap of $20.60 billion, a PE ratio of 29.02, a P/E/G ratio of 4.20 and a beta of 0.73.

McCormick & Company, Incorporated Dividend Announcement

The firm also recently declared 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 dividend payout ratio (DPR) is presently 64.12%.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Michael D. Mangan sold 5,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $65.20, for a total transaction of $326,000.00. Following the completion of the transaction, the director now owns 39,181 shares in the company, valued at approximately $2,554,601.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 22.90% of the stock is currently owned by insiders.

Institutional Trading of McCormick & Company, Incorporated

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of McCormick & Company, Incorporated by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 30,235,814 shares of the company’s stock worth $2,068,734,000 after buying an additional 105,272 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of McCormick & Company, Incorporated by 92,736.4% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 5,770,708 shares of the company’s stock worth $478,334,000 after purchasing an additional 5,764,492 shares during the period. Geode Capital Management LLC raised its position in shares of McCormick & Company, Incorporated by 1.9% during the first quarter. Geode Capital Management LLC now owns 5,404,603 shares of the company’s stock worth $448,737,000 after purchasing an additional 101,633 shares during the period. Goldman Sachs Group Inc. raised its position in shares of McCormick & Company, Incorporated by 29.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,190,234 shares of the company’s stock worth $218,276,000 after purchasing an additional 730,328 shares during the period. Finally, Legal & General Group Plc raised its position in shares of McCormick & Company, Incorporated by 15.0% during the fourth quarter. Legal & General Group Plc now owns 2,157,139 shares of the company’s stock worth $147,591,000 after purchasing an additional 282,006 shares during the period. Institutional investors own 79.74% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Barclays raised their target price on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the company an “equal weight” rating in a report on Thursday. Consumer Edge downgraded McCormick & Company, Incorporated from an “overweight” rating to an “equal weight” rating in a report on Monday, January 22nd. Stifel Nicolaus lifted their price objective on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday. Citigroup lifted their price objective on McCormick & Company, Incorporated from $60.00 to $68.00 and gave the stock a “sell” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on McCormick & Company, Incorporated from $59.00 to $57.00 and set an “underweight” rating on the stock in a report on Friday, January 26th. 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. Based on data from MarketBeat, McCormick & Company, Incorporated presently has an average rating of “Hold” and a consensus 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.