General Mills Raises Dividend 15% (GIS)
Consumer foods company, General Mills, Inc. (GIS) reported on Wednesday that it has raised its quarterly dividend 15%.
General Mills has announced its 14th dividend increase since 2004. The company reported that its board has approved a 15% increase to its quarterly dividend, which will paid in August. GIS has paid a consistent dividend for 114 years.
A dividend of 38 cents will be payable on August 1 to shareholders of record on July 10. This dividend was increased from its previous 33 cent quarterly payout. The stock has an ex-dividend date of July 8.
General Mills CEO Ken Powell commented, “the growth of our dividends over this long period of time is testimony to the resilience of General Mills’ food businesses, our strong financial condition, and our company’s commitment to delivering superior returns to our shareholders.”
General Mills shares were mostly flat during Wednesday morning trading. The stock has increased 20% in the past year.
The Bottom Line
With the increased dividend, shares of General Mills, Inc. (GIS) will have a 3.29% yield, based on the higher payout and Tuesday’s closing price of $46.27.
General Mills, Inc. (GIS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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