Pilgrim's Pride shares jump following dividend announcement

MarketsAssociated Press

Pilgrim's Pride Corp. shares jumped Thursday after the chicken processing company declared a special cash dividend of $5.77 per share.

The dividend will cost the company approximately $1.5 billion based on the current number of shares outstanding, according to Pilgrim's Pride. The dividend is payable Feb. 17 to shareholders of record as of Jan. 30.

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Pilgrim's Pride said the dividend is a testament to its improved capital structure, financial discipline and confidence in the future.

Shares of the Greeley, Colo.-based company rose $2.48, a nearly 8 percent increase, to $34.03 by midmorning Thursday.