McCormick & Company, Incorporated (NYSE:MKC) to Issue Quarterly Dividend of $0.48

McCormick & Company, Incorporated (NYSE:MKC) announced a quarterly dividend on Thursday, September 24th. Stockholders of record on Tuesday, October 13th will be paid a dividend of $0.48 per share on Monday, October 26th. This represents a $1.92 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, October 13th.

McCormick & Company, Incorporated has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 38 consecutive years. McCormick & Company, Incorporated has a dividend payout ratio of 57.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect McCormick & Company, Incorporated to earn $3.29 per share next year, which means the company should continue to be able to cover its $1.92 annual dividend with an expected future payout ratio of 58.4%.

McCormick & Company, Incorporated Stock Performance

Shares of MKC opened at $47.77 on Friday. The company has a market cap of $12.84 billion, a PE ratio of 7.93, a P/E/G ratio of 1.99 and a beta of 0.64. McCormick & Company, Incorporated has a one year low of $44.82 and a one year high of $72.41. The stock has a 50-day moving average of $52.31 and a 200-day moving average of $51.26. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.78 and a quick ratio of 0.39.

McCormick & Company, Incorporated (NYSE:MKC) last released its quarterly earnings results on Thursday, June 25th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.11. The business had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.91 billion. McCormick & Company, Incorporated had a return on equity of 12.78% and a net margin of 21.91%.The company’s quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 EPS. On average, equities research analysts predict that McCormick & Company, Incorporated will post 3.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Lawrence Kurzius sold 205,538 shares of McCormick & Company, Incorporated stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $52.69, for a total transaction of $10,829,797.22. Following the completion of the sale, the insider owned 296,992 shares in the company, valued at $15,648,508.48. This trade represents a 40.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On McCormick & Company, Incorporated

A number of institutional investors have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. boosted its holdings in McCormick & Company, Incorporated by 3.6% in the second quarter. QRG Capital Management Inc. now owns 8,302 shares of the company’s stock worth $419,000 after acquiring an additional 292 shares in the last quarter. Sequoia Financial Advisors LLC increased its position in shares of McCormick & Company, Incorporated by 78.1% in the second quarter. Sequoia Financial Advisors LLC now owns 10,729 shares of the company’s stock valued at $541,000 after buying an additional 4,705 shares in the last quarter. Tidal Investments LLC raised its position in McCormick & Company, Incorporated by 71.9% during the second quarter. Tidal Investments LLC now owns 61,954 shares of the company’s stock worth $3,124,000 after acquiring an additional 25,922 shares during the period. National Pension Service acquired a new stake in McCormick & Company, Incorporated in the 2nd quarter worth about $1,726,000. Finally, NewEdge Advisors LLC grew its holdings in shares of McCormick & Company, Incorporated by 110.5% during the second quarter. NewEdge Advisors LLC now owns 45,868 shares of the company’s stock worth $2,313,000 after buying an additional 24,076 shares in the last quarter. Institutional investors own 79.74% of the company’s stock.

About McCormick & Company, Incorporated

McCormick & Company, Incorporated (NYSE:MKC) is a global food company that manufactures, markets and distributes spices, herbs, seasonings, condiments, sauces and other flavoring products. Its portfolio serves both retail consumers and foodservice customers, while its flavor solutions business supplies seasoning blends, natural flavors and other ingredients to food manufacturers and restaurant operators.

The company’s consumer brands include McCormick, French’s, Frank’s RedHot, Lawry’s, Old Bay and Gourmet Garden, among others.