Dividend Aristocrat Hormel Foods (HRL) will raise its quarterly dividend by 6.1 percent to 26 cents per share in 2021. This comes after a dividend hike of 5.4 percent to 24.5 cents per share last year by HRL and marks the 56th consecutive year of annual dividend increases by the meat products maker. Its the second time since 2007 that Hormel does not announce a double digit dividend hike.
The Board of Directors authorized the first quarterly dividend of 26 cents ($0.2600) a share to be paid on February 15, 2022, to stockholders of record at the close of business on January 18, 2022. The dividend yield for HRL is 2.4%.
The Feb. 15 payment will be the 374th 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. The average dividend growth rate for Dividend Aristocrat Hormel drops below 10% for the last five years if we include this new 2021 dividend hike.
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.