McCormick & Company, Incorporated (NYSE:MKC) to Issue $0.45 Quarterly Dividend

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) announced a quarterly dividend on Tuesday, June 24th, RTT News reports. Stockholders of record on Monday, July 7th will be given a dividend of 0.45 per share on Monday, July 21st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.41%.

McCormick & Company, Incorporated has a dividend payout ratio of 54.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect McCormick & Company, Incorporated to earn $3.31 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 54.4%.

McCormick & Company, Incorporated Stock Down 0.3%

NYSE MKC traded down $0.25 during mid-day trading on Tuesday, reaching $74.64. The stock had a trading volume of 2,443,346 shares, compared to its average volume of 2,050,144. The stock has a market cap of $20.02 billion, a PE ratio of 25.65, a price-to-earnings-growth ratio of 3.68 and a beta of 0.68. McCormick & Company, Incorporated has a 1 year low of $66.88 and a 1 year high of $86.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.65 and a quick ratio of 0.25. The company has a fifty day moving average price of $74.29 and a 200 day moving average price of $76.79.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) last posted its quarterly earnings results on Tuesday, March 25th. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.04). McCormick & Company, Incorporated had a return on equity of 14.63% and a net margin of 11.67%. The business had revenue of $1.61 billion during the quarter, compared to analysts' expectations of $1.61 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The firm's revenue for the quarter was up .2% compared to the same quarter last year. On average, research analysts expect that McCormick & Company, Incorporated will post 3.07 earnings per share for the current year.

Insider Activity at McCormick & Company, Incorporated

In related news, VP Gregory Repas sold 2,750 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $81.42, for a total transaction of $223,905.00. Following the completion of the transaction, the vice president now directly owns 2,266 shares in the company, valued at approximately $184,497.72. The trade was a 54.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lawrence Erik Kurzius sold 50,000 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $81.81, for a total transaction of $4,090,500.00. Following the completion of the sale, the director now directly owns 247,437 shares of the company's stock, valued at $20,242,820.97. This represents a 16.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,392 shares of company stock worth $4,898,101. 23.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On McCormick & Company, Incorporated

A number of hedge funds have recently modified their holdings of MKC. Empowered Funds LLC lifted its stake in shares of McCormick & Company, Incorporated by 19.0% during the 1st quarter. Empowered Funds LLC now owns 5,903 shares of the company's stock valued at $486,000 after buying an additional 941 shares in the last quarter. Woodline Partners LP raised its holdings in McCormick & Company, Incorporated by 40.9% during the first quarter. Woodline Partners LP now owns 21,334 shares of the company's stock valued at $1,756,000 after acquiring an additional 6,189 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of McCormick & Company, Incorporated by 2.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,678 shares of the company's stock valued at $2,854,000 after acquiring an additional 925 shares in the last quarter. 79.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. UBS Group started coverage on shares of McCormick & Company, Incorporated in a research note on Monday, June 16th. They set a "neutral" rating and a $83.00 target price on the stock. Citigroup decreased their price objective on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating for the company in a report on Tuesday, June 17th. Finally, Argus downgraded shares of McCormick & Company, Incorporated from a "buy" rating to a "hold" rating in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $84.13.

McCormick & Company, Incorporated Company Profile

McCormick & Co, Inc engages in the manufacturing, marketing, and distribution of spices, seasoning mixes, condiments, and other flavorful products to retail outlets, food manufacturers, and foodservice businesses. It operates through the Consumer and Flavor Solutions segments. The Consumer segment sells spices, seasonings, condiments, and sauces.

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