April 04, 2013 at 08:17 AM EDT
McCormick & Co. Declares Quarterly Dividend; Announces New Share Repurchase Program (MKC)

On Wednesday, spice maker McCormick & Company (MKC) declared its next quarterly dividend and announced a new share repurchase program.

The Sparks, Maryland-based company’s next quarterly dividend payout of 34 cents per share will be paid on April 29 with an ex-dividend date of April 11.

Also, the company’s Board of Directors authorized a new share buyback program that will allow up to $400 million worth of shares to be repurchased. This will replace the previous $400 million share repurchase program, authorized in June of 2010, that is expected to be completed this year.

Alan D. Wilson, CEO of McCormick & Co., said, “In the past five years, we have returned nearly $1 billion of cash to our shareholders through dividends and share repurchases. Today’s announcement reflects our outlook for continued profit growth and our commitment to deliver value to McCormick shareholders.”

McCormick & Company shares were inactive during pre-market trading on Thursday. The stock is up +12.7% year-to-date.

The Bottom Line
Shares of McCormick & Company (MKC) have a dividend yield of 1.90% based on last night’s closing price of $71.60 and the company’s annualized dividend payout of $1.36 per share.

McCormick & Company (MKC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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