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

McCormick & Company, Incorporated (NYSE:MKC) declared a quarterly dividend on Tuesday, June 25th, RTT News reports. Shareholders of record on Monday, July 8th will be paid a dividend of 0.42 per share on Monday, July 22nd. This represents a $1.68 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Monday, July 8th.

McCormick & Company, Incorporated has raised its dividend by an average of 7.8% per year over the last three years and has increased its dividend annually for the last 37 consecutive years. McCormick & Company, Incorporated has a payout ratio of 54.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect McCormick & Company, Incorporated to earn $3.05 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 55.1%.

McCormick & Company, Incorporated Stock Down 1.3 %

Shares of McCormick & Company, Incorporated stock opened at $67.67 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.30 and a current ratio of 0.68. McCormick & Company, Incorporated has a 52-week low of $59.13 and a 52-week high of $93.77. The stock has a market capitalization of $18.16 billion, a price-to-earnings ratio of 25.83, a P/E/G ratio of 3.58 and a beta of 0.74. The company’s 50 day moving average price is $72.39 and its 200-day moving average price is $70.14.

McCormick & Company, Incorporated (NYSE:MKC) last issued its earnings results on Tuesday, March 26th. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.05. McCormick & Company, Incorporated had a net margin of 10.56% and a return on equity of 14.45%. The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter last year, the business earned $0.59 earnings per share. The business’s revenue was up 2.4% on a year-over-year basis. Equities research analysts forecast that McCormick & Company, Incorporated will post 2.84 EPS for the current year.

Analyst Ratings Changes

MKC has been the topic of several recent analyst reports. Citigroup upgraded shares of McCormick & Company, Incorporated from a “sell” rating to a “neutral” rating and raised their target price for the stock from $68.00 to $69.00 in a report on Wednesday, June 12th. Stifel Nicolaus raised their price target on McCormick & Company, Incorporated from $70.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, March 27th. 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 note on Monday. Argus raised McCormick & Company, Incorporated from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research note on Tuesday, April 2nd. Finally, Barclays raised their price target on McCormick & Company, Incorporated from $71.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $76.25.

Insider Buying and Selling at McCormick & Company, Incorporated

In other news, Director Patricia A. Little sold 20,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $75.57, for a total transaction of $1,511,400.00. Following the completion of the transaction, the director now directly owns 24,732 shares in the company, valued at $1,868,997.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Lawrence Erik Kurzius sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $73.75, for a total transaction of $5,900,000.00. Following the completion of the transaction, the director now directly owns 199,258 shares in the company, valued at $14,695,277.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Patricia A. Little sold 20,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $75.57, for a total value of $1,511,400.00. Following the transaction, the director now owns 24,732 shares of the company’s stock, valued at $1,868,997.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,458 shares of company stock valued at $7,747,114. 22.90% of the stock is currently owned by company insiders.

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.