Sysco Corp (SYY) will raise its quarterly dividend to $0.33 per share in Q1 of 2017. Last year food products distributor Sysco hiked its dividend by 3.3%. At the current stock price of $53.14 Sysco has a 2.5% dividend yield.

The new dividend is payable on January 27, 2017, to common stockholders of record at the close of business on January 6, 2017.

“The two cent per share quarterly dividend step up from the one cent increase in recent years reflects Sysco’s continued strong generation of cash flow and demonstrates our long-standing commitment to return value to its stockholders,” said Bill DeLaney, Sysco’s chief executive officer. “Sysco has paid a quarterly cash dividend every quarter since its founding as a public company in 1970 and has increased its dividend 48 times in that period.”

Sysco Corporation a distributor of food and related products primarily to the foodservice or food-away-from-home industry. The company sells food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries.