Hormel Foods Corp, the Austin MN-based multinational marketer of meat and food products, has announced its 39th consecutive annual dividend increase. The annual dividend on common stock was raised to $0.52 per share from $0.45 per share, representing a 15.6% gain.
Quarterly dividends on the common stock were authorized by the board of directors at the new rate of $0.13 a share. The quarterly dividend will be paid Feb 15, 2005, to stockholders of record as of Jan 22, 2005.
The February 15 payment will be the 306th consecutive quarterly dividend paid by the firm. Since becoming a public company in 1928, Hormel has paid a regular quarterly dividend without interruption.