McCormick & Company, Incorporated (NYSE:MKC) to Issue Quarterly Dividend of $0.42

McCormick & Company, Incorporated (NYSE:MKC) declared a quarterly dividend on Tuesday, September 24th, NASDAQ reports. Stockholders of record on Monday, October 7th will be paid a dividend of 0.42 per share on Monday, October 21st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date of this dividend is Monday, October 7th.

McCormick & Company, Incorporated has raised its dividend payment by an average of 7.8% annually over the last three years and has increased its dividend annually for the last 37 consecutive years. McCormick & Company, Incorporated has a dividend payout ratio of 54.7% meaning its dividend is sufficiently covered by earnings. Analysts expect McCormick & Company, Incorporated to earn $3.06 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 54.9%.

McCormick & Company, Incorporated Trading Down 0.5 %

MKC opened at $83.38 on Thursday. The firm has a market cap of $22.40 billion, a P/E ratio of 30.43, a P/E/G ratio of 4.24 and a beta of 0.76. McCormick & Company, Incorporated has a 12 month low of $59.13 and a 12 month high of $85.49. The company has a current ratio of 0.69, a quick ratio of 0.31 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average of $79.12 and a 200 day moving average of $74.64.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings results on Thursday, June 27th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.07%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business posted $0.60 earnings per share. As a group, research analysts forecast that McCormick & Company, Incorporated will post 2.85 EPS for the current year.

Insiders Place Their Bets

In other McCormick & Company, Incorporated news, Director Lawrence Erik Kurzius sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $75.00, for a total value of $1,875,000.00. Following the completion of the sale, the director now owns 199,258 shares of the company’s stock, valued at $14,944,350. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 22.90% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently commented on MKC. Bank of America lifted their price target on McCormick & Company, Incorporated from $86.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Citigroup upgraded McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $68.00 to $69.00 in a research report on Wednesday, June 12th. Finally, TD Cowen dropped their price target on McCormick & Company, Incorporated from $75.00 to $73.00 and set a “hold” rating for the company in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, McCormick & Company, Incorporated has an average rating of “Hold” and an average target price of $76.14.

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.