Why McCormick & Company Stock Dropped Today
Shares of McCormick Company (NYSE: MKC) -- maker of spices, seasonings, and condiments -- dropped on Tuesday after it announced financial results for its fiscal third quarter of 2023. Q3 results (covering the quarterly period that ended in August) came up short of expectations due to weaker-than-expected results in China. As of 2:50 p.m. ET, McCormick stock was down 8% but had been down almost 11% earlier in the trading session.
In Q3, McCormick's net sales were actually up 6% year over year to nearly $1.7 billion. And through the first three quarters of its fiscal 2023, net sales are up about 5.5% from the comparable period of its fiscal 2022.
The problem is that Wall Street expected McCormick's net sales to be up a little more than that. China had greater restrictions last year than this year because of COVID-19. But sales didn't bounce back as much as expected.
Source Fool.com
Mccormick & Comp. Stock
Currently there is a rather positive sentiment for Mccormick & Comp. with 5 Buy predictions and 3 Sell predictions.
However, we have a potential of -4.72% for Mccormick & Comp. as the target price of 67 € is below the current price of 70.32 €.
