McCormick & (MKC) Declares $0.39 Dividend

McCormick & said on March 29, 2023 that its board of directors declared a regular quarterly dividend of $0.39 per share ($1.56 annualized). Previously, the company paid $0.39 per share.

Shares must be purchased before the ex-div date of April 6, 2023 to qualify for the dividend. Shareholders of record as of April 10, 2023 will receive the payment on April 24, 2023.

At the current share price of $81.01 / share, the stock's dividend yield is 1.93%. Looking back five years and taking a sample every week, the average dividend yield has been 1.60%, the lowest has been 1.20%, and the highest has been 2.18%. The standard deviation of yields is 0.21 (n=236).

The current dividend yield is 1.55 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.63. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.26%, demonstrating that it has increased its dividend over time.

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Analyst Price Forecast Suggests 3.87% Downside

As of March 30, 2023, the average one-year price target for McCormick & is $77.88. The forecasts range from a low of $63.63 to a high of $94.50. The average price target represents a decrease of 3.87% from its latest reported closing price of $81.01.

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The projected annual revenue for McCormick & is $6,632MM, an increase of 3.73%. The projected annual non-GAAP EPS is $2.98.

What is the Fund Sentiment?

There are 1602 funds or institutions reporting positions in McCormick &. This is an increase of 19 owner(s) or 1.20% in the last quarter. Average portfolio weight of all funds dedicated to MKC is 0.27%, a decrease of 1.87%. Total shares owned by institutions decreased in the last three months by 0.07% to 240,610K shares. The put/call ratio of MKC is 1.02, indicating a bearish outlook.

What are Large Shareholders Doing?

State Farm Mutual Automobile Insurance holds 16,716K shares representing 6.23% ownership of the company. No change in the last quarter.

Fundsmith LLP holds 15,495K shares representing 5.78% ownership of the company. In it's prior filing, the firm reported owning 15,507K shares, representing a decrease of 0.07%. The firm increased its portfolio allocation in MKC by 11.82% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,616K shares representing 2.84% ownership of the company. In it's prior filing, the firm reported owning 7,465K shares, representing an increase of 1.98%. The firm increased its portfolio allocation in MKC by 9.57% over the last quarter.

VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 5,836K shares representing 2.18% ownership of the company. In it's prior filing, the firm reported owning 5,771K shares, representing an increase of 1.11%. The firm increased its portfolio allocation in MKC by 8.02% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 5,793K shares representing 2.16% ownership of the company. In it's prior filing, the firm reported owning 5,678K shares, representing an increase of 1.99%. The firm increased its portfolio allocation in MKC by 9.32% over the last quarter.

McCormick & Background Information
(This description is provided by the company.)

McCormick & Company, Incorporated is a global leader in flavor. With over $5 billion in annual sales across 160 countries and territories, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry including e-commerce channels, grocery, food manufacturers and foodservice businesses. Its most popular brands include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane and Gourmet Garden. Every day, no matter where or what you eat or drink, you can enjoy food flavored by McCormick.

This story originally appeared on Fintel.