MCCORMICK & CO /SH NV (NYSE:MKC) declared a quarterly dividend on Tuesday, September 25th, RTT News reports. Investors of record on Tuesday, October 9th will be paid a dividend of 0.52 per share on Tuesday, October 23rd. This represents a $2.08 annualized dividend and a yield of 1.61%.
MCCORMICK & CO /SH has raised its dividend by an average of 8.3% per year over the last three years and has raised 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. Research 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%.
MKC stock traded down $0.35 during trading hours on Tuesday, hitting $129.27. 761,200 shares of the stock traded hands, compared to its average volume of 957,595. The company has a quick ratio of 0.42, a current ratio of 0.85 and a debt-to-equity ratio of 1.47. MCCORMICK & CO /SH has a one year low of $93.70 and a one year high of $132.83. The stock has a market capitalization of $17.09 billion, a P/E ratio of 30.35, a P/E/G ratio of 2.92 and a beta of 0.55.
In related news, VP Michael R. Smith sold 8,000 shares of the stock in a transaction dated Monday, July 9th. The stock was sold at an average price of $119.90, for a total value of $959,200.00. Following the completion of the sale, the vice president now directly owns 22,759 shares of the company’s stock, valued at approximately $2,728,804.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alan D. Wilson sold 158,600 shares of the stock in a transaction dated Thursday, June 28th. The stock was sold at an average price of $110.00, for a total value of $17,446,000.00. Following the completion of the sale, the director now directly owns 212,894 shares of the company’s stock, valued at $23,418,340. The disclosure for this sale can be found here. Over the last three months, insiders sold 266,600 shares of company stock valued at $30,935,200. Company insiders own 19.20% of the company’s stock.
MKC has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded MCCORMICK & CO /SH from a “sell” rating to a “hold” rating in a research report on Tuesday, September 18th. Credit Suisse Group increased their price target on MCCORMICK & CO /SH from $122.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, June 29th. Jefferies Financial Group reiterated a “buy” rating and issued a $123.00 price target on shares of MCCORMICK & CO /SH in a research report on Thursday, June 28th. ValuEngine upgraded MCCORMICK & CO /SH from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. Finally, Citigroup increased their price target on MCCORMICK & CO /SH from $114.00 to $117.00 and gave the company a “neutral” rating in a research report on Friday, June 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $114.25.
About MCCORMICK & CO /SH
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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