Campbell's hikes dividend by 5.4%

Campbell's Co (CPB), the company formerly known as Campbell Soup, will hike its dividend by 5.4% to 39 cents quarterly per share. The dividend yield is 3.66%. It's the first dividend hike by CPB since 2020.

The company’s Board of Directors has approved an increase in its quarterly dividend from $0.37 per share to $0.39 per share, an increase of 5%, or $1.56 on an annualized basis. The quarterly dividend is payable on January 27, 2025, to shareholders of record at the close of business January 2, 2025. At a stock price of $42.63 the dividend yield for CPB is 3.66%. 

Campbell's is not the best dividend growth stock

The former Campbell's Soup changed its corporate name earlier this year to Campbell's Co to show investors that the company is more than just a soup manufacturer. In the last decade CPB only hiked its dividend three times, with the stock lagging most peers. Because of this the 10 year CAGR for Campbell's is only 2.3%.

Another Consumer Staples peer hiking its dividend recently is Lancaster Colony (LANC).

The Campbell's Company, previously known as Campbell Soup Company, delivers affordable and nutritious food and beverages. With a strong focus on brands, its portfolio of 16 iconic names includes Campbell’s, Goldfish, and Pacific Foods. Through its Meals & Beverages and Snacks divisions, the company provides convenient options for families and businesses across North America. Pacific Foods specializes in organic and plant-based soups, such as Creamy Roasted Red Pepper & Tomato, along with ready-to-serve canned varieties.