HUNT VALLEY'S McCORMICK
McCormick Company Inc Announces 38th Consecutive Dividend Increase
McCormick & Company Inc (NYSE: MKC) made an exciting announcement regarding their quarterly dividend. The Board of Directors declared a remarkable 8% increase in the dividend, raising it from $0.39 to $0.42 per share. Shareholders can expect to receive this dividend on January 8, 2024, if they are recorded as shareholders on December 29, 2023.
This news is significant as it marks the 38th consecutive year that McCormick & Company has chosen to boost its quarterly dividend. Brendan M. Foley, the President and CEO, expressed his satisfaction with this decision, stating, “We remain dedicated to our longstanding tradition of providing shareholders with a return on their investment, and I am delighted to announce yet another dividend increase.”
McCormick & Company, renowned for its exceptional spice and extract products, has been consistently paying dividends since 1925. As of August 31, 2023, the company held an impressive $154.7 million in cash and equivalents, further demonstrating its commitment to financial stability and growth.
Following the announcement, MKC shares experienced a slight increase of 0.11% and closed at $65.01. This positive market response reflects the confidence investors have in McCormick & Company and its ability to generate returns for its shareholders.
Overall, this dividend increase showcases McCormick & Company’s dedication to rewarding its shareholders and maintaining its position as a leader in the industry. With a rich history and strong financial standing, the company continues to thrive and provide value to its investors.