On November 21, 2022, Dividend Aristocrat Hormel Foods (HRL) announced that it will raise its quarterly dividend by 5.8 percent to 27.5 cents per share. This marks the 57th consecutive year of annual dividend increases by the meat products maker. Last year Hormel hiked the dividend by 6.1%.
The Board of Directors authorized the first quarterly dividend of 27.50 cents ($0.2750) a share to be paid on Feb. 15, 2023, to stockholders of record at the close of business on Jan. 17, 2023. The new dividend yield for Hormel Foods is 2.2% at a stock price of $49.
The Feb. 15 payment will be the 378th 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.
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.