Conagra Brands (CAG) will raise its quarterly dividend by 13.6 percent to 31.25 cents per share in 2021. This follows a dividend hike of  29.4 percent to $0.275 per share announced in 2020. This is the second dividend increase announced by the packaged food company since 2017.

The new dividend will be paid on September 2, 2021 to stockholders of record as of the close of business on August 3, 2021. A new annualized dividend rate of $1.25 per share yields 3.6% at a stock price of $35.40.

Conagra Brands, Inc., formerly ConAgra Foods, Inc., is a packaged food company, selling food products and commercially branded foods through two segments: Consumer Foods and Commercial Foods. Conagra also is a supplier of vegetable, spice and grain products for restaurants, foodservice operators and commercial customers. The company's brands include Marie Callender's, Reddi-wip, Hunt's, Healthy Choice, Slim Jim, Banquet, Birds Eye, Orville Redenbacher's, as well as emerging brands, including Alexia, BOOMCHICKAPOP, Blake's, Gardein, Frontera and Duke's. Conagra has paid a dividend to shareholders every year since at least 1972.