Brown-Forman raises dividend for 33rd consecutive year
The quarterly dividend will be hiked to $0.1825 per share (adjusted for the August 19,2016 stock split).
Stockholders of record on December 2, 2016 will receive the cash dividend on January 3, 2017.
Paul Varga, Chief Executive Officer of Brown-Forman said, "Brown-Forman continues its long tradition of increasing our regular dividend at healthy rates. Today's 7.4% increase marks the 33(rd) consecutive year of dividend growth at the company and reflects our continued confidence in the growth prospects for our company."
Brown-Forman is a member of the prestigious Standard & Poor's 500 Dividend Aristocrats Index which is comprised of companies that have increased their cash dividend every year for over 25 years, and the company has paid quarterly dividends for 71 consecutive years.
Brown-Forman Corporation is a spirit and wine company with Jack Daniels as one of its principal brands.
Today's dividend increase indicates an annualized rate of $0.73 per common share and a yield of approximately 1.6% based on the $45.89 closing price on November 17, 2016.