#2 - McCormick & Co. (NYSE:MKC)
McCormick & Co. (MKC)
Years of Consecutive Dividend Growth: 34 Years (Dividend Aristocrat)
McCormick (NYSE:MKC) illustrates the larger supply chain issues that our nation will be working through in the wake of the coronavirus. The company has three factories in China, including one in Wuhan the epicenter of the pandemic.
Fortunately, the company is back in business in China. And that is corresponding to an increase in sales in North America as consumers have stocked up before taking shelter in their homes. On the other hand, the company’s restaurant business has basically ground to a halt.
Before pulling their 2020 guidance because of the novel coronavirus, the company had predicted sales growth of 2% to 4%. And analysts feel McCormick may be able to do even better. They are forecasting 6% annual growth for the next five years.
Even if McCormick’s growth comes in at the low end of that estimate, McCormick’s dividend is well supported. The company has had over 30 consecutive years of dividend growth with the most recent hike being in November. The company’s quarterly dividend now sits at 62 cents per share.
“We remain committed to our long history of returning cash to shareholders and I am incredibly proud to announce another dividend increase,” said CEO Lawrence Kurzius via a press release.
Stock #4 has had 52 years of consecutive dividend growth...
About McCormick & Company, Incorporated
McCormick & Company, Incorporated manufactures, markets, and distributes spices, seasoning mixes, condiments, and other flavorful products to the food industry. It operates in two segments, Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, and desserts.
Read More - Current Price
- $77.58
- Consensus Rating
- Hold
- Ratings Breakdown
- 3 Buy Ratings, 5 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $79.57 (2.6% Upside)
