McCormick (MKC) will raise its quarterly dividend by 8.8 percent to $0.62 per share. This follows a 9.6 percent dividend hike by the Dividend Aristocrat last year.
The next dividend is payable January 13, 2020 to shareholders of record December 31, 2019. A new annual dividend rate of $2.48 per share yields 1.5% at a stock price of $169.25.
Lawrence E. Kurzius, Chairman, President & CEO, said "Our purpose-led, forward focus on growth, performance and people continues to drive differentiated results and build shareholder value. We remain committed to our long history of returning cash to shareholders and I am incredibly proud to announce another dividend increase."
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.