Today, ConAgra (NYSE: CAG) announced that it is raising its quarterly dividend from 20.35 cents to 22.50 cents per share for the next four quarters. This results in an annual dividend of 90.0 cents per share, up from the previous annual rate of 81.40 cents per share, representing an 11 percent increase. This begins the 26th consecutive year that ConAgra has increased its dividends.
Bruce Rohde, ConAgra’s chairman and chief executive officer, commented, “We are proud of our long-term dividend growth record. Our company generates significant earnings. We use the increases in our earnings for two things: paying dividends to shareholders and investing for profitable future growth. We have consistently utilized 30% to 35% of our earnings growth to fuel divided growth and the remainder fuels future growth.”
Dividends of 22.50 cents will be paid on December 1, 2000, to shareholders of record as of October 27, 2000. This will be the 1st quarterly dividend at the 22.50 cents rate. This also will be ConAgra’s 100th consecutive quarterly dividend payment.
ConAgra, Inc., (www.conagra.com) is a $27 billion food company that manufactures and markets products for retail consumers, restaurants and institutions. These products include Hunt’s, Healthy Choice, Banquet, Eckrich, Armour, Bumble Bee, Clover Leaf/Paramount, Louis Kemp, Libby’s, La Choy, Wesson, Country Pride, Blue Bonnet, Kid Cuisine, Longmont, Parkay, Reddi-wip, Marie Callender’s, Cook’s, Swift Premium, Butterball, Act II, County Line, Slim Jim, Decker, Chef Boyardee pasta, Orville Redenbacher’s, PAM Cooking Spray, Snack Pack, Van Camp’s, Peter Pan, Hebrew National, Swiss Miss and many more.