Dividend Aristocrat Brown-Forman Corporation (BFB) will hike its dividend by 5 percent this year. Also a $1.00 per share special dividend will be paid to shareholders. Last year BFB hiked its dividend by 3 percent to $0.1795 per share quarterly. This new hike marks the Jack Daniel's owner's 38th consecutive year of dividend increases. Unlike European peers such as Heineken and AB Inbev Brown-Forman did not cut its dividend because of COVID-19.
Stockholders of record on December 3, 2021, will receive the cash dividend on December 28, 2021. Additionally, Brown-Forman’s Board of Directors declared a special dividend of $480 million on its Class A and Class B stock, or $1.00 per share, that will be paid on December 29, 2021 to stockholders of record on December 9, 2021.
Brown-Forman’s President and Chief Executive Officer Lawson Whiting said, “We are emerging from an unprecedented time in history. As it has throughout many generations, Brown-Forman’s business has remained strong and resilient, driven by the strength of our portfolio, the health of our balance sheet, and the agility of our people.”
Brown-Forman 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.