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.