Dividend Aristocrat Hormel Foods (HRL) will raise its quarterly dividend by 5.4 percent to 24.5 cents per share. Last year the company announced a 10.7 percent hike to $0.2325 per share. This new increase marks the 55th consecutive year of annual dividend increases by the meat products maker. Its the first time since 2007 that Hormel does not announce a double digit dividend hike.

The Board of Directors authorized the first quarterly dividend of 24.50 cents ($0.245) a share to be paid on February 16, 2021, to stockholders of record at the close of business on January 11, 2021. A new annual dividend rate of 98 cents per share yields 2.1% at a stock price of $47.21.

In the press release announcing the dividend hike Hormel states that the February 16 payment will be the 370th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.

According to calculations by dividendhike.com Hormel will pay its shareholders an estimated $529 million in dividends annually. Hormel hiked its dividend by double digits in each of the past twelve years.

Hormel Foods Corporation manufactures brand-name food and meat products worldwide. The company makes refrigerated pork, beef, chicken and turkey products and nutrition products including protein products. Its brands include Skippy, SPAM, Hormel Natural Choice, Applegate, Justin's, Wholly Guacamole and Hormel Black Label. The company's four segments are: Grocery Products, Refrigerated Foods, Jennie-O Turkey Store, and International & Other. Outside the United States Hormel markets its products through Hormel Foods International Corporation (HFIC). HFIC has a global presence in the international marketplace through joint ventures and placement of personnel in strategic foreign locations such as Australia, Brazil, Canada, China, Japan, and the Philippines. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption. Hormel Foods Corporation was founded by George A. Hormel in 1891 in Austin, Minnesota, as Geo. A. Hormel & Company. The company’s name was changed to Hormel Foods Corporation on January 31, 1995.