General Mills (ticker symbol GIS) today announced that it will raise its quarterly dividend by 5.9 percent to $0.54 per share in 2022. The next quarterly dividend of 54 cents per share will be payable August 1, 2022, to shareholders of record July 8, 2022. A new annual dividend rate of $2.16 per share for GIS will yield 2.9% based on a stock price of $75.45. The average dividend growth rate for GIS the last five years is only 2.0%.

General Mills is known for its long and strong dividend history with General Mills and its predecessor company having paid dividends without interruption for more than 120 years. Currently General Mills will pay an estimated $1.3 billion in dividends to its shareholders annually. The last time the company announced a double digit dividend hike was in 2013 (+15.2 percent).

General Mills, Inc. is a manufacturer and marketer of branded consumer foods and pet food products sold through retail stores and online. Its brands include Cheerios, Annie's, Betty Crocker and Blue Buffalo Pet Products. General Mills has four segments: U.S. Retail, International, Pet operating, and Convenience Stores and Foodservice. The company's Convenience Stores and Foodservice segment's product categories include ready-to-eat cereals, snacks, refrigerated yogurt, frozen meals, unbaked and fully baked frozen dough products, and baking mixes. In 2018 General Mills acquired Blue Buffalo Pet Products, Inc. The company has paid a dividend to its shareholders every year since at least 1899.