The annual dividend on the common stock of the corporation was raised to $1.02 per share from $.84 per share.
A quarterly dividend on the common stock was also authorized by the Board of Directors at twenty-five and one-half cents (25.5¢) a share. The quarterly dividend will be paid Feb. 15, 2011, to stockholders of record at the close of business on Jan. 23, 2011.
The Feb. 15 payment will be the 330th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.