Sonoco Increases Quarterly Stock Dividend

Rhea-AI Summary

The Board of Directors of Sonoco (NYSE: SON) has announced a quarterly dividend increase of approximately 4%, raising the payout from $0.49 to $0.51 per share. This dividend is set to be paid on June 9, 2023, to shareholders on record as of May 10, 2023. With this increment, the annual dividend payout rises to $2.04 per share, up from $1.96. This marks the 392nd consecutive quarter of dividend payments since 1925 and the 40th consecutive year of dividend increases. The current dividend yield is approximately 3.3%, which is double that of the S&P 500 Index. Sonoco reported net sales of around $7.3 billion in 2022 and remains committed to sustainable practices.

Positive

• Quarterly dividend increased by 4% to $0.51 per share.
• Annualized dividend payout rose to $2.04 per share.
• 392nd consecutive quarter of dividend payments.
• 40th consecutive year of dividend increases.
• Current dividend yield of approximately 3.3%, double that of the S&P 500 Index.

Negative

• None.

HARTSVILLE, S.C., April 19, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of Sonoco (NYSE: SON) today increased its quarterly common stock dividend by approximately 4 percent to $0.51 per share from the previous quarterly distribution of $0.49 per share. This new dividend will be paid on June 9, 2023, to shareholders of record as of May 10, 2023.

With this increase, Sonoco’s annualized dividend payout moves to $2.04 per share from $1.96 per share. Future quarterly declarations and the establishment of future record and payment dates are subject to final determination by Sonoco’s Board of Directors.

According to Howard Coker, President and Chief Executive Officer, this is the 392^nd consecutive quarter, dating back to 1925, that the Company has paid dividends to shareholders, and is the 40th consecutive year the Company has increased its dividend. Based on the closing price of Sonoco’s common stock on April 18, 2023, the Company’s dividend provides an approximate 3.3 percent yield, which is double the dividend yield of the S&P 500 Index.

About Sonoco
Founded in 1899, Sonoco (NYSE:SON) is a global provider of packaging products. With net sales of approximately $7.3 billion in 2022, the Company has approximately 22,000 employees working in more than 300 operations around the world, serving some of the world's best-known brands. With our corporate purpose of Better Packaging. Better Life., Sonoco is committed to creating sustainable products, and a better world, for our customers, employees and communities. The Company ranked first in the Packaging sector on Fortune's World's Most Admired Companies for 2022 as well as being included in Barron's 100 Most Sustainable Companies for the fourth consecutive year. For more information on the Company, visit our website at www.sonoco.com.

Contact:        
Lisa Weeks
+843-383-7524
lisa.weeks@sonoco.com

FAQ

What is the new dividend amount for Sonoco (SON)?

The new dividend amount for Sonoco is $0.51 per share.

When will Sonoco pay the upcoming dividend?

Sonoco will pay the upcoming dividend on June 9, 2023.

What is the record date for Sonoco's dividend?

The record date for Sonoco's dividend is May 10, 2023.

How long has Sonoco been paying dividends?

Sonoco has been paying dividends for 392 consecutive quarters since 1925.

How does Sonoco's dividend yield compare to the S&P 500?

Sonoco's dividend yield is approximately 3.3%, which is double that of the S&P 500 Index.