Those who spend time cooking in the kitchen use the products this company makes all the time. McCormick & Co. Inc. (NYSE: MKC) manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the food industry.
The company’s Consumer segment offers spices, herbs and seasonings, as well as desserts. This segment markets its products under the McCormick, French, Frank’s RedHot, Lawry’s, Gourmet Garden, Club House, and OLD BAY brands in the Americas; Ducros, Schwartz, Kamis, Drogheria & Alimentari, and Vahiné brand names in Europe, the Middle East and Africa; McCormick and DaQiao brands in China; and McCormick, Aeroplane and Gourmet Garden brand names in Australia. It also markets regional and ethnic brands, such as Zatarain’s, Stubb’s, Thai Kitchen and Simply Asia.
The company also supplies its products under the private labels. This segment serves retailers, including grocery, mass merchandise, warehouse clubs, discount and drug stores and e-commerce retailers, directly and indirectly through distributors or wholesalers.
The company raised the dividend to $0.62 per share from $0.57. That now equals a 1.63% yield. The $155 CFRA price target compares with a much lower consensus target of $134.30. McCormick stock closed trading most recently at $155.42 per share.
Procter & Gamble
The company offers a very solid dividend, which was just raised to $0.79 from $0.75 a share. Procter & Gamble Co. (NYSE: PG) is one of the world’s largest consumer products companies, and it operates in five segments: Beauty, Grooming, Health Care, Fabric & Home Care, and Baby & Family Care. Its many brands include Pampers, Tide, Bounty, Charmin, Gillette, Oral B, Crest, Olay, Pantene, Head & Shoulders, Ariel, Gain, Always, Tampax, Downy and Dawn. Some of these are among the most valuable brands in the world.
The company sells its products through mass merchandisers, e-commerce, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, baby stores, specialty beauty stores, high-frequency stores and pharmacies. The company has been very innovative in its product development process and uses that to help ensure future growth and cash flow. This should provide investors years of steady growth and dividends.
The increased dividend to shareholders translates to a 2.61% yield. The Merrill Lynch price objective is $135, and the posted consensus target price is $126. Procter & Gamble stock was last seen trading at $121.55 a share.
These four top companies are raising dividends into one of the most unpredictable and volatile markets we have seen in years. For investors looking for ideas, these are all incredible companies that should be able to maintain sales during this difficult time.