Hormel Foods Corporation's Board of Directors announced a 3 percent increase to the annual dividend, marking the 59th consecutive year of annual dividend growth for the company. The annual dividend on common stock was raised from $1.13 per share to $1.16 per share. This consistent increase underscores Hormel Foods' long-standing commitment to returning value to its shareholders.
The Board authorized the first quarterly dividend at the new rate of 29.00 cents ($0.2900) a share, payable on February 18, 2025, to stockholders of record on January 13, 2025. This payment will be the 386th consecutive quarterly dividend paid by the company since becoming public in 1928. Such a track record highlights the company's financial stability and disciplined capital allocation strategy.
This dividend increase reflects management's confidence in the company's future earnings power and cash flow generation capabilities. For investors, a consistent dividend growth record, especially over nearly six decades, signals a resilient business model and a strong financial foundation, making Hormel Foods an attractive investment for income-focused portfolios.
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