McCormick & Company Inc MKC said its Board of Directors has declared an increase in the quarterly dividend from $0.39 to $0.42 per share, marking an 8% increase.
The dividend will be payable on January 8, 2024, to shareholders of record on December 29, 2023.
This marks the 38th consecutive year the company has increased its quarterly dividend.
"We remain committed to our long history of returning cash to shareholders and I am pleased to announce another dividend increase," said President and CEO Brendan M. Foley.
The spice and extract manufacturing company has paid dividends each year since 1925. It held $154.7 million in cash and equivalents as of August 31, 2023.
Price Action: MKC shares closed higher by 0.11% at $65.01 on Tuesday.
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