McCormick & Company, Incorporated (NYSE:MKC) Shareholders to Receive $0.48 Quarterly Dividend

Key Points

• McCormick declared a quarterly dividend of $0.48 per share, payable October 26 to shareholders of record October 13. The dividend implies $1.92 in annual payments and a 4.0% yield.
• The company has raised its dividend for 38 consecutive years, with a 57.8% payout ratio; expected earnings suggest the dividend should remain adequately covered.
• MKC shares opened at $47.77, near their 52-week low, while analysts maintain a consensus “Hold” rating and an average price target of $59.80.

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

McCormick & Company, Incorporated has increased 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 payout ratio of 57.8% meaning its dividend is sufficiently covered by earnings. Research 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 Down 0.1%

Shares of NYSE MKC opened at $47.77 on Friday. The stock has a market cap of $12.84 billion, a P/E ratio of 7.93, a P/E/G ratio of 1.99 and a beta of 0.64. The firm has a 50 day moving average price of $52.31 and a 200 day moving average price of $51.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.39 and a current ratio of 0.78. McCormick & Company, Incorporated has a 52-week low of $44.82 and a 52-week high of $72.41.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its earnings results on Thursday, June 25th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.11. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.91 billion. McCormick & Company, Incorporated had a net margin of 21.91% and a return on equity of 12.78%. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the business posted $0.69 earnings per share. Analysts expect that McCormick & Company, Incorporated will post 3.08 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MKC shares. JPMorgan Chase & Co. lowered their target price on McCormick & Company, Incorporated from $63.00 to $62.00 and set an "overweight" rating for the company in a research note on Friday, September 18th. Weiss Ratings upgraded shares of McCormick & Company, Incorporated from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, August 5th. TD Cowen lowered shares of McCormick & Company, Incorporated from a "buy" rating to a "hold" rating and lowered their price objective for the stock from $60.00 to $55.00 in a research note on Monday, September 14th. Barclays cut their target price on shares of McCormick & Company, Incorporated from $57.00 to $55.00 and set an "equal weight" rating for the company in a research note on Friday, June 26th. Finally, Sanford C. Bernstein dropped their price objective on McCormick & Company, Incorporated from $77.00 to $68.00 and set an "outperform" rating on the stock in a research note on Friday, June 26th. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $59.80.

McCormick & Company, Incorporated Company Profile

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.

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