The Marzetti Company to Issue Quarterly Dividend of $1.00 (NASDAQ:MZTI)

The Marzetti Company (NASDAQ:MZTI) declared a quarterly dividend on Wednesday, May 20th. Shareholders of record on Friday, June 5th will be paid a dividend of 1.00 per share on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Friday, June 5th.

Marzetti has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 62 years. Marzetti has a dividend payout ratio of 56.6% meaning its dividend is sufficiently covered by earnings.

Marzetti Price Performance

Shares of MZTI opened at $112.00 on Thursday. The stock’s 50-day moving average is $133.55 and its two-hundred day moving average is $154.50. The stock has a market cap of $3.07 billion, a PE ratio of 17.53 and a beta of 0.38. Marzetti has a 12 month low of $110.64 and a 12 month high of $190.96.

Wall Street Analysts Forecast Growth

MZTI has been the topic of a number of recent research reports. DA Davidson reduced their price objective on Marzetti from $184.00 to $168.00 and set a “neutral” rating on the stock in a research note on Monday, March 16th. Wall Street Zen cut Marzetti from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Finally, Stephens reduced their price objective on Marzetti from $160.00 to $140.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $169.33.

Marzetti Company Profile

Lancaster Colony Corporation engages in the manufacturing and marketing of specialty food products for the retail and foodservice channels in the United States. It operates in two segments, Retail and Foodservice. The company offers frozen garlic bread under the New York BRAND Bakery; frozen Parkerhouse style yeast and dinner rolls under the Sister Schubert's brand; salad dressings under the Marzetti, Simply Dressed, Cardini's, and Girard's brands; vegetable and fruit dips under the Marzetti brand; croutons and salad toppings under the New York BRAND Bakery, Chatham Village, and Marzetti brands; and frozen pasta under the Marzetti Frozen Pasta brand.