McCormick & Company, Incorporated (NYSE:MKC) Updates FY22 Earnings Guidance

McCormick & Company, Incorporated (NYSE:MKCGet Rating) issued an update on its FY22 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $3.03-3.08 for the period, compared to the consensus estimate of $3.16. The company issued revenue guidance of +3-5% yr/yr to ~$6.51-6.63 billion, compared to the consensus revenue estimate of $6.59 billion. McCormick & Company, Incorporated also updated its FY 2022 guidance to $3.03-$3.08 EPS.

MKC traded down $0.89 during trading on Friday, hitting $82.36. The stock had a trading volume of 31,396 shares, compared to its average volume of 1,432,525. The company has a current ratio of 0.73, a quick ratio of 0.32 and a debt-to-equity ratio of 0.86. The company has a 50 day simple moving average of $92.36 and a 200-day simple moving average of $95.96. McCormick & Company, Incorporated has a 12 month low of $77.85 and a 12 month high of $107.35. The firm has a market cap of $22.08 billion, a PE ratio of 30.05, a P/E/G ratio of 4.58 and a beta of 0.45.

McCormick & Company, Incorporated (NYSE:MKCGet Rating) last announced its earnings results on Wednesday, June 29th. The company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.17). The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.61 billion. McCormick & Company, Incorporated had a return on equity of 18.00% and a net margin of 11.77%. The company’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 earnings per share. As a group, sell-side analysts anticipate that McCormick & Company, Incorporated will post 3.15 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 25th. Investors of record on Monday, July 11th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.80%. The ex-dividend date is Friday, July 8th. McCormick & Company, Incorporated’s payout ratio is 53.43%.

MKC has been the topic of several analyst reports. StockNews.com initiated coverage on shares of McCormick & Company, Incorporated in a research report on Thursday, March 31st. They set a hold rating on the stock. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of McCormick & Company, Incorporated from $91.00 to $85.00 and set a hold rating on the stock in a research report on Thursday. Finally, TheStreet lowered shares of McCormick & Company, Incorporated from a b rating to a c+ rating in a research report on Wednesday, June 15th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, McCormick & Company, Incorporated has a consensus rating of Hold and a consensus target price of $96.50.

In related news, CFO Michael R. Smith sold 19,986 shares of McCormick & Company, Incorporated stock in a transaction that occurred on Wednesday, April 20th. The shares were sold at an average price of $104.04, for a total transaction of $2,079,343.44. Following the sale, the chief financial officer now directly owns 93,025 shares in the company, valued at approximately $9,678,321. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 15.90% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in MKC. Vanguard Group Inc. raised its holdings in McCormick & Company, Incorporated by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 28,955,774 shares of the company’s stock worth $2,889,787,000 after purchasing an additional 462,997 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of McCormick & Company, Incorporated by 264.0% in the 1st quarter. Renaissance Technologies LLC now owns 325,800 shares of the company’s stock valued at $32,515,000 after acquiring an additional 236,304 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of McCormick & Company, Incorporated by 417.0% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 271,440 shares of the company’s stock valued at $27,090,000 after acquiring an additional 218,940 shares in the last quarter. Beacon Pointe Advisors LLC increased its stake in shares of McCormick & Company, Incorporated by 4,357.2% in the 1st quarter. Beacon Pointe Advisors LLC now owns 110,850 shares of the company’s stock valued at $11,063,000 after acquiring an additional 108,363 shares in the last quarter. Finally, Cibc World Markets Corp increased its stake in shares of McCormick & Company, Incorporated by 1,112.5% in the 1st quarter. Cibc World Markets Corp now owns 107,778 shares of the company’s stock valued at $10,756,000 after acquiring an additional 98,889 shares in the last quarter. Hedge funds and other institutional investors own 74.86% of the company’s stock.

McCormick & Company, Incorporated Company Profile (Get Rating)

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.

Further Reading

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

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