McCormick & Co.
MKC,
will raise its quarterly dividend 7.7%, which the company said reflects its commitment to long-term growth and returning cash to shareholders.
The Hunt Valley, Md.-based spices and flavorings company said Tuesday it would raise its payout to 42 cents from 39 cents, representing its 38th consecutive year raising its dividend.
The payout, equal to $1.68 per share a year, represents an annual yield of about 2.6% based on the Tuesday closing price of $65.01.
The company last raised its dividend in November 2022, when it increased the payout to 39 cents from 37 cents. McCormick said it has paid dividends every year since 1925.
The dividend is payable Jan. 8 to shareholders of record Dec. 29.
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