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

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.85-2.90 for the period, compared to the consensus earnings per share estimate of $2.93.

Wall Street Analysts Forecast Growth

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

McCormick & Company, Incorporated Price Performance

NYSE:MKC traded up $0.80 during midday trading on Tuesday, hitting $78.86. 3,090,038 shares of the stock were exchanged, compared to its average volume of 1,933,460. McCormick & Company, Incorporated has a one year low of $59.45 and a one year high of $85.49. The company has a current ratio of 0.71, a quick ratio of 0.32 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average price of $81.05 and a two-hundred day moving average price of $75.81. The company has a market capitalization of $21.18 billion, a price-to-earnings ratio of 28.78, a P/E/G ratio of 3.66 and a beta of 0.77.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last issued its earnings results on Tuesday, October 1st. The company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.68 by $0.15. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. McCormick & Company, Incorporated had a return on equity of 15.30% and a net margin of 11.87%. The business's quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.65 earnings per share. Sell-side analysts predict that McCormick & Company, Incorporated will post 2.92 EPS for the current year.

McCormick & Company, Incorporated Announces Dividend

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

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.