Hormel Foods announces 55th consecutive year of dividend increases
This marks the 55th consecutive year of dividend increases for Dividend Aristocrat Hormel Foods.
Dividend Aristocrat Hormel Foods (HRL) will raise its quarterly dividend by 5,4 percent to 24.5 cents per share in Q1 of 2021. The next dividend will be paid on February 16, 2021, to stockholders of record at the close of business on January 11, 2021. A new annual dividend rate of $0.98 per share yields 2.1% at a stock price of $47 for Hormel.
Last year Hormel raised its dividend for the 54th consecutive year by announcing a 10.7 percent dividend increase. The company has been raising the dividend by at least double digits for many years and this actually is the first time in more than a decade that the dividend growth for Hormel Foods drops below 10 percent.
Hormel states that the February 16 payment will be the 370th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.
Hormel Foods Corporation is engaged in the production of a range of meat and food products including the sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers. Also Hormel own brands such as Skippy peanut butter. Hormel Foods is a Dividend Aristocrat and has raised its dividend for more than 25 years. The company has been paying a dividend to shareholders every year since 1928.