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.
Continue Reading Below
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.