Dividend Aristocrat Brown-Forman Corporation (BFB) will hike its dividend by 3 percent to $0.1795 per share quarterly. Last year the company raised its quarterly dividend by 5.0 percent to $0.1743 per share, marking the Jack Daniel's owner's 36th consecutive year of dividend increases. Unlike European peers such as Heineken and AB Inbev Brown-Forman does not cut its dividend because of COVID-19.

The next dividend will be paid on January 4, 2021 to shareholders of record on December 4, 2020. A new indicated annual cash dividend of $0.72 per share yields 0.9% at a stock price of $80.14.

From the company's press release: This marks the 37th consecutive year of dividend increases at Brown-Forman and the 76th year of paying quarterly dividends in the company’s 150-year history. Lawson Whiting, President and Chief Executive Officer of Brown-Forman said, "In this uncertain environment, we are pleased to increase our dividend and continue our long-term track record of regular quarterly dividend payments. This reflects the strength of our cash flows, the health of our balance sheet, and our confidence in the long-term growth prospects for the company.”

Brown-Forman is a member of the prestigious Standard & Poor’s 500 Dividend Aristocrats Index, which is composed of companies that have increased their cash dividend every year for at least 25 years. The company's annual dividend payment will rise to an estimated $344 million.

Brown-Forman Corporation manufactures, bottles, imports, exports, markets, and sells a wide variety of alcoholic beverages. The company's brands include Jack Daniel’s, Korbel, el Jimador, Woodford Reserve, Old Forester, Coopers’ Craft, Canadian Mist, Herradura, New Mix, Sonoma-Cutrer, Early Times, Chambord, BenRiach, GlenDronach, Slane, and Fords Gin. Brown-Forman Corporation was incorporated under the laws of the State of Delaware in 1933, successor to a business founded in 1870 as a partnership and later incorporated under the laws of the Commonwealth of Kentucky in 1901. The Brown family controls more than 50% of the economic ownership in Brown-Forman.