Dividend Aristocrat McCormick announces 10% dividend increase

US Dividend Aristocrat McCormick (MKC) will raise its quarterly dividend by almost 10 percent to $0.68 per share in 2020, marking the 35th year of dividend increases by the spices and flavor company. On December 1, 2020 the company will do a 2-for-1 stock split.

This marks the 35th consecutive year that the Company has increased its quarterly dividend.  At $0.68, the quarterly dividend is double the amount paid in 2013. Last year McCormick announced a dividend increase of 8.8 percent.

Lawrence E. Kurzius, Chairman, President & CEO, said "Our overarching focus on long-term sustainable growth is relentless.  We are confident our strategies will continue to drive McCormick forward and further build shareholder value. We remain committed to our long history of returning cash to shareholders and I am pleased to announce another dividend increase."  McCormick has paid dividends each year since 1925.  

The next dividend is payable January 11, 2021 to shareholders of record December 31, 2020. A new annual dividend rate of $2.72 per share yields 1.5% at a stock price of $183.67. The increased dividend will be paid on a split-adjusted basis of $0.34 per share to reflect the 2-for-1 stock split that is effective December 1, 2020.  At a stock price of $183.70 the new annual dividend rate yields 1.5%.

McCormick & Company, Incorporated is a global leader in flavor.  With $4.4 billion in annual sales, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry – retail outlets, food manufacturers and foodservice businesses.  Every day, no matter where or what you eat, you can enjoy food flavored by McCormick.  McCormick Brings the Joy of Flavor to Life™. McCormick has paid dividends each year since 1925.