Conagra Brands, Inc. (CAG), formerly ConAgra Foods, will lower its quarterly dividend from $0.25 to $0.20 per share.
It's the first dividend since the the completion of the spin-off of its Lamb Weston business on November 9, 2016. A dividend payment of $0.20 per share of CAG common stock will be paid on March 1, 2017, to stockholders of record as of the close of business on January 30, 2017.
The last time that the 'old' ConAgra Foods hiked it's dividend was in 2012. Today's dividend cut is the second one for Conagra in the last 11 years. In 2006 the dividend was lowered by 34.1%. The new dividend yield for Conagra Brands is 2.1% based on a stock price of $38.41.
Conagra Brands, Inc., formerly ConAgra Foods, Inc., operates as a packaged food company. The Company sells branded and customized food products, as well as commercially branded foods. It also supplies vegetable, spice and grain products to a range of restaurants, foodservice operators and commercial customers. Conagra’s brands include Marie Callender's, Reddi-wip, Hunt's, Healthy Choice, Slim Jim and Orville Redenbacher's, as well as emerging brands, including Alexia, Blake's, Frontera and Duke's.