AUSTIN, Minn. - Hormel Foods Corporation (NYSE:HRL), a global food company, has declared a quarterly dividend of 28.25 cents ($0.2825) per share, payable on August 15, 2024, to shareholders of record as of July 15, 2024. This announcement was made by the company's Board of Directors today.
The upcoming dividend payment marks Hormel Foods' 384th consecutive quarterly dividend since it became a publicly traded company in 1928. The company has maintained a consistent record of paying quarterly dividends without interruption, underscoring its commitment to shareholder returns.
Hormel Foods, with annual revenues surpassing $12 billion, operates in over 80 countries and owns a variety of well-known brands, including Planters, SKIPPY, SPAM, and Jennie-O, among others. The company is listed on the S&P 500 Index and is recognized as an S&P 500 Dividend Aristocrat, reflecting its long history of dividend payments.
In addition to its financial performance, Hormel Foods has been acknowledged for its workplace environment and corporate responsibility. It has been named one of the best companies to work for by U.S. News & World Report and one of America's most responsible companies by Newsweek.
The company also boasts a perfect score on the 2023–24 Corporate Equality Index and has received recognition for innovation and community service.
The information for this financial update is based on a press release statement issued by Hormel Foods Corporation.
InvestingPro Insights
Hormel Foods Corporation's (NYSE:HRL) recent declaration of its 384th consecutive quarterly dividend is a testament to its robust financial health and dedication to shareholder returns.
The company's track record of dividend payments is further highlighted by two noteworthy InvestingPro Tips: Hormel has raised its dividend for 31 consecutive years and has maintained dividend payments for 54 consecutive years. This consistency aligns with Hormel Foods' status as an S&P 500 Dividend Aristocrat and reflects a stable financial policy that investors may find reassuring.
Looking at the real-time data from InvestingPro, Hormel Foods boasts a market capitalization of $20.17 billion USD, attesting to its substantial presence in the food industry. The Price-to-Earnings (P/E) ratio stands at 25.39, with an adjusted P/E for the last twelve months as of Q1 2024 at 24.64, suggesting a stable valuation relative to earnings.
Furthermore, the company's dividend yield as of April 2024 is 3.11%, which is competitive in the current market and may appeal to income-focused investors.
Investors considering Hormel Foods as a potential addition to their portfolios can find additional insights and tips on InvestingPro, where there are 9 more InvestingPro Tips available. For those looking to delve deeper into the company's financials and projections, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, where you can explore detailed analytics and expert opinions.
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