Hormel Foods raises dividend for 57th consecutive year in 2022

On november 21, 2022, Dividend Aristocrat Hormel Foods Corporation (NYSE: HRL), announced a 6 percent increase to the annual dividend to shareholders, marking the 57th consecutive annual dividend increase.

The annual dividend on the common stock of Hormel Foods was raised to $1.10 per share from $1.04 per share. The new quarterly dividend is 27.5 cents per share and will be paid on Feb. 15, 2023, to stockholders of record at the close of business on Jan. 17, 2023.

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 is a Dividend Aristocrat having increased the annual dividend for more than 25 consecutive years.

HORMEL ANNUAL DIVIDEND HIKES

• 2022: +5.8%
• 2021: +6.1%
• 2020: +5.4%
• 2019: +10.7%
• 2018: +12.0%
• 2017: +10.3%

At a stock price of $49 the dividend yield for Hormel Foods is estimated at 2.2%. Last year Hormel Foods hiked its dividend by 6.1%. The average dividend growth rate for the last five years is exactly 8% for Hormel.

Other Aristocrats announcing a dividend hike recently are Automatic Data Processing and Becton Dickinson.

Hormel Foods Corporation is engaged in the production of a range of meat and food products including the sale of branded and unbranded pork, beef, chicken and turkey products for retail, foodservice and fresh product customers. Also Hormel own brands such as Skippy peanut butter. Hormel Foods is a Dividend Aristocrat and has raised its dividend for more than 25 years. The company has been paying a dividend to shareholders every year since 1928.