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

Key Points

• McCormick & Company, Incorporated has announced a quarterly dividend of $0.45 per share, which will be paid to stockholders of record on October 14th, with a yield of 2.7%.
• The company's dividend payout ratio stands at 54.2%, indicating that its dividends are well-covered by earnings, with expectations to continue this trend in the upcoming year.
• Equities analysts have recently adjusted their price targets for McCormick, with ratings ranging from "Strong Buy" to "Sell," reflecting a consensus rating of "Moderate Buy" and an average target price of $83.25.

McCormick & Company, Incorporated (NYSE:MKC - Get Free Report) announced a quarterly dividend on Tuesday, September 30th, RTT News reports. Stockholders of record on Tuesday, October 14th will be given a dividend of 0.45 per share on Monday, October 27th. This represents a c) dividend on an annualized basis and a dividend yield of 2.7%.

McCormick & Company, Incorporated has a dividend payout ratio of 54.2% meaning its dividend is sufficiently covered by earnings. Equities research 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 Price Performance

MKC traded up $0.12 on Tuesday, reaching $66.92. 3,349,921 shares of the company's stock were exchanged, compared to its average volume of 2,349,284. The stock has a market cap of $17.96 billion, a PE ratio of 23.24, a P/E/G ratio of 3.26 and a beta of 0.65. McCormick & Company, Incorporated has a twelve month low of $63.66 and a twelve month high of $86.24. The stock's fifty day moving average price is $69.35 and its 200-day moving average price is $73.20. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.68 and a quick ratio of 0.27.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup lowered their price target on shares of McCormick & Company, Incorporated from $80.00 to $77.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 17th. JPMorgan Chase & Co. decreased their target price on shares of McCormick & Company, Incorporated from $83.00 to $82.00 and set an "overweight" rating on the stock in a report on Thursday, September 25th. Jefferies Financial Group decreased their target price on shares of McCormick & Company, Incorporated from $90.00 to $84.00 and set a "buy" rating on the stock in a report on Monday, September 22nd. Stifel Nicolaus decreased their target price on shares of McCormick & Company, Incorporated from $82.00 to $76.00 and set a "hold" rating on the stock in a report on Tuesday, July 29th. Finally, Wall Street Zen lowered shares of McCormick & Company, Incorporated from a "hold" rating to a "sell" rating in a report on Saturday, September 13th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $83.25.

About McCormick & Company, Incorporated

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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