The J. M. Smucker Company (SJM) will raise its quarterly dividend by 9 percent $0.85 per common share in 2018. Last year SJM hiked its dividend by three cents to 78 cents quarterly.

The next dividend will be paid on Tuesday, September 4, 2018, to shareholders of record at the close of business on Friday, August 17, 2018.

This represents the food and beverage company's seventeenth consecutive year of dividend growth. Based on the current stock price of $111.06 the new annual dividend yields 3.1%.

Smucker is a leading marketer and manufacturer of consumer food and beverage products and pet food and pet snacks in North America. In consumer foods and beverages, its brands include Smucker's, Folgers, Jif, Dunkin' Donuts, Crisco, Pillsbury, R.W. Knudsen Family, Hungry Jack, Café Bustelo, Martha White, truRoots, Sahale Snacks, Robin Hood, and Bick's. In pet food and pet snacks, its brands include Meow Mix, Milk-Bone, Kibbles 'n Bits, Natural Balance, and 9Lives.