AUSTIN, Minn.--(BUSINESS WIRE)--The Board of Directors of Hormel Foods Corporation (NYSE: HRL), a multinational marketer of consumer-branded food and meat products, today announced a 16 percent increase to the annual dividend to shareholders, marking the 50th consecutive annual dividend increase.
The annual dividend on the common stock of the corporation was raised to $1.16 per share from $1.00 per share.
The Board of Directors authorized the first quarterly dividend of twenty-nine cents (29¢) a share to be paid on Feb. 16, 2016, to stockholders of record at the close of business on Jan. 19, 2016.
The Feb. 16 payment will be the 350th 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.
About Hormel Foods
Hormel Foods Corporation, based in Austin, Minn., is a multinational manufacturer and marketer of consumer-branded food and meat products, many of which are among the best known and trusted in the food industry. The company leverages its extensive expertise, innovation and high competencies in pork and turkey processing and marketing to bring branded, value-added products to the global marketplace. The company is a member of the Standard & Poor's (S&P) 500 Index, S&P 500 Dividend Aristocrats for 2014, was named the 2013 Sustainable Supply Chain of the Year by Refrigerated & Frozen Foods magazine, and was again named one of “The 100 Best Corporate Citizens” by Corporate Responsibility Magazine for the seventh year in a row. Hormel Foods was also recognized as a 2015 Military Friendly Employer by G.I. Jobs magazine, on the 2015 Best for Vets Employers List by Military Times, and was named one of the 2015 40 Best Companies for Leaders by Chief Executive magazine. The company enjoys a strong reputation among consumers, retail grocers, foodservice and industrial customers for products highly regarded for quality, taste, nutrition, convenience and value. For more information, visit http://www.hormelfoods.com.