Lamb Weston Holdings Inc. (LW) will raise its quarterly dividend by 15.0 percent to $0.23 per share. This is the third year of dividend increases by the food products supplier.

The next dividend is payable on Feb. 28, 2020, to stockholders of record at the close of business on Jan. 31, 2020. A new annualized dividend rate of 92 cents per share yields 1.1% at a stock price of $85.83.

Lamb Weston also stated that it will continue to target an annual dividend payout ratio of 25 percent to 35 percent of adjusted diluted earnings per share.

Lamb Weston Holdings, Inc. is a supplier of frozen potato, sweet potato, appetizer and vegetable products to restaurants and retailers worldwide. The company is the number one supplier of value-added frozen potato products in North America and a leading supplier of value-added frozen potato products internationally with French fries representing the majority the product portfolio. Lamb Weston has four reportable segments: Global, Foodservice, Retail, and Other. Lamb Weston became an independent publicly traded company in 2016 when the company was separated from Conagra Brands.