General Mills (GIS) raised its quarterly dividend payable in August by 15% on Tuesday, extending a century-long history of returning cash to investors.
The Minneapolis-based cereal and snack maker also declared a dividend of 33 cents, payable on May 1 to shareholders of record on April 10.
The increased dividend of 38 cents will be payable on August 1 to shareholders of record on July 10. General Mills, which has paid a dividend uninterrupted for 114 years, said the increase marks General Mills’ 14th since 2004.
“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,” CEO Ken Powell said in a statement.
Shares of the Cheerios and Wheaties maker edged up 1.3% Tuesday to $46.30.