Dividend Aristocrat Brown-Forman raises dividend by 3% in 2020

Dividend Aristocrat Brown-Forman Corporation (BFB) will raise its quarterly dividend by 3% to a new annual rate of $0.718 per share. This marks the 37th consecutive year of dividend increases by the Jack Daniel's maker.

Last year Brown-Forman hiked its dividend by 5 percent, being the 36th year of increases.

This new increase announced Thursday marks the 37th consecutive year of dividend increases at Brown-Forman and the 76th year of paying quarterly dividends in the company’s 150-year history. Lawson Whiting, President and Chief Executive Officer of Brown-Forman said, "In this uncertain environment, we are pleased to increase our dividend and continue our long-term track record of regular quarterly dividend payments. This reflects the strength of our cash flows, the health of our balance sheet, and our confidence in the long-term growth prospects for the company.”

Brown-Forman is a member of the prestigious Standard & Poor’s 500 Dividend Aristocrats Index, which is composed of companies that have increased their cash dividend every year for at least 25 years.

The indicated annual cash dividend will rise to $0.7180 per share from $0.6972 per share, yielding 0.9% at a stock price of $80. Stockholders of record on December 4, 2020, will receive the cash dividend on January 4, 2021.

Brown-Forman Corporation is a spirit and wine company. The Company manufactures, bottles, imports, exports, markets and sells a range of alcoholic beverages. Its brands include Jack Daniel's, Finlandia Vodkas, el Jimador and Herradura Tequilas, Canadian Mist Canadian Whisky and Sonoma-Cutrer California Wines.