McCormick hikes dividend for 31st consecutive year

McCormick & Company (MKC) will raise its dividend by 9.3%.

The quarterly dividend will be raised from $0.43 to $0.47 per share by Dividend Aristocat McCormick, marking 31 consecutive years of dividend increases.

The new dividend is payable January 17, 2017 to shareholders of record December 30, 2016.  This marks the 31st consecutive year that the Company has increased its quarterly dividend.  At $0.47, the quarterly dividend is more than double the amount paid in 2007. McCormick has paid dividends each year since 1925.

Stubb's BBQ sauce is one of McCormick's brands

Lawrence E. Kurzius, President & CEO, said, "Our strategies for growth are driving increases in sales and profit, and generating strong cash flow.  We are committed to our dividend program, and during the past three fiscal years, we returned more than $1 billion of cash to McCormick shareholders through dividends and share repurchases."

McCormick 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 dividend increase indicates an annualized rate of $1.88 per common share and a yield of approximately 2.0% based on the current $92.64 stock price.