McCormick & Company (MKC) will raise its dividend to $0.40 per share, marking the 29th consecutive year that the food company has increased its dividend.

Alan D. Wilson, Chairman, President & CEO, said, "McCormick has a profitable business that generates strong cash flow.  Our dividend program is an important way for McCormick shareholders to participate in our success. The company's long history of higher dividend payments demonstrates our commitment to building value for our shareholders."

Through its dividend and share repurchases, the company expects to return a record $400 million of cash to shareholders in fiscal year 2014. At the current stock price of $72.86 McCormick has an indicated dividend yield of 2.2%.

McCormick & Company, Incorporated manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry – retail outlets, food manufacturers and foodservice businesses. The company's brands include Aeroplane, Billy Bee, Brand Aromatics, Cattlemen's, Club House, Drogheria & Alimentari, Ducros, El Guapo, Frank's Redhot, French's and Giotti. McCormick has paid dividends each year since 1925.