Hormel Foods Announces 55th Consecutive Increase to Annual Dividend

Rhea-AI Summary

The Board of Directors of Hormel Foods Corporation (NYSE: HRL) announced a 5% increase in the annual dividend, raising it to $0.98 per share from $0.93. This marks the 55th consecutive annual dividend increase. The first quarterly dividend of $0.2450 per share will be paid on February 16, 2021, to stockholders of record by January 11, 2021. Hormel Foods has maintained uninterrupted quarterly dividends since becoming public in 1928, highlighting its financial stability and commitment to shareholders.

Positive

• 5% increase in annual dividend to $0.98 per share.
• 55th consecutive annual dividend increase.
• First quarterly dividend set at $0.2450 to be paid on February 16, 2021.

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• None.

AUSTIN, Minn., Nov. 23, 2020 /PRNewswire/ -- The Board of Directors of Hormel Foods Corporation (NYSE: HRL), a global branded food company, today announced a 5 percent increase to the annual dividend to shareholders, marking the 55th consecutive annual dividend increase.

The annual dividend on the common stock of the corporation was raised to $0.98 per share from $0.93 per share.

The Board of Directors authorized the first quarterly dividend of 24.50 cents ($0.2450) a share to be paid on Feb. 16, 2021, to stockholders of record at the close of business on Jan. 11, 2021.

The Feb. 16 payment will be the 370th 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.

ABOUT HORMEL FOODS - Inspired People. Inspired Food. ™
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide. Its brands include SKIPPY^®, SPAM^®, Hormel^® Natural Choice^®, Applegate^®, Justin's^®, Wholly^®, Hormel^® Black Label^®, Columbus^® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three straight years, is one of Fortune magazine's most admired companies, has appeared on Corporate Responsibility Magazine's "The 100 Best Corporate Citizens" list for 12 years in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com

Media Contact:	Rick Williamson
	507-434-6352
	media@hormel.com
Investor Contact:	Nathan Annis
	507-437-5248
	ir@hormel.com

 

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SOURCE Hormel Foods Corporation

FAQ

What is the new dividend amount declared by Hormel Foods (HRL)?

The new annual dividend amount is $0.98 per share.

When will Hormel Foods (HRL) pay its next dividend?

The next dividend will be paid on February 16, 2021.

How long has Hormel Foods (HRL) consistently paid dividends?

Hormel Foods has paid uninterrupted quarterly dividends since 1928.

What is the significance of the 5% dividend increase for Hormel Foods (HRL)?

The 5% increase signifies the company’s financial strength and commitment to returning value to shareholders.