MCCORMICK & CO /SH NV Declares Quarterly Dividend of $0.52 (MKC)
MCCORMICK & CO /SH NV (NYSE:MKC) announced a quarterly dividend on Tuesday, September 25th, RTT News reports. Stockholders of record on Tuesday, October 9th will be given a dividend of 0.52 per share on Tuesday, October 23rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.61%.
MCCORMICK & CO /SH has increased its dividend by an average of 8.3% per year over the last three years and has increased its dividend every year for the last 31 years. MCCORMICK & CO /SH has a dividend payout ratio of 41.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect MCCORMICK & CO /SH to earn $5.35 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 38.9%.
Shares of MKC traded down $0.35 during midday trading on Tuesday, reaching $129.27. 761,200 shares of the stock were exchanged, compared to its average volume of 957,595. MCCORMICK & CO /SH has a 12-month low of $93.70 and a 12-month high of $132.83. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.85 and a quick ratio of 0.42. The company has a market capitalization of $17.09 billion, a PE ratio of 30.35, a price-to-earnings-growth ratio of 2.92 and a beta of 0.55.
In related news, Director Alan D. Wilson sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $125.30, for a total value of $12,530,000.00. Following the transaction, the director now directly owns 212,894 shares of the company’s stock, valued at approximately $26,675,618.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alan D. Wilson sold 158,600 shares of the firm’s stock in a transaction that occurred on Thursday, June 28th. The shares were sold at an average price of $110.00, for a total value of $17,446,000.00. Following the completion of the transaction, the director now directly owns 212,894 shares in the company, valued at $23,418,340. The disclosure for this sale can be found here. Insiders sold a total of 266,600 shares of company stock worth $30,935,200 over the last three months. 19.20% of the stock is owned by company insiders.
A number of equities research analysts have recently weighed in on MKC shares. Credit Suisse Group raised their price target on MCCORMICK & CO /SH from $122.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating and set a $123.00 price target on shares of MCCORMICK & CO /SH in a research note on Thursday, June 28th. Vertical Group downgraded MCCORMICK & CO /SH from a “buy” rating to a “hold” rating in a research note on Friday, June 29th. They noted that the move was a valuation call. Zacks Investment Research downgraded MCCORMICK & CO /SH from a “hold” rating to a “sell” rating in a research note on Tuesday, June 5th. Finally, Citigroup raised their price objective on MCCORMICK & CO /SH from $114.00 to $117.00 and gave the company a “neutral” rating in a research note on Friday, June 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $114.25.
MCCORMICK & CO /SH Company Profile
McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. The company operates through two segments, Consumer and Industrial. The Consumer segment offers spices, herbs, and seasonings, as well as desserts.
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