The Minneapolis-based food company said Monday that its board is raising the dividend by 4 cents to 47 cents per share. The new dividend is payable Aug. 3 to shareholders of record as of July 10.
The new annual dividend rate will increase to $1.88 from $1.72.
General Mills Chairman and CEO Ken Powell said the dividend increase is a reflection of the company's robust financial condition and future growth prospects.
Shares of the company fell 13 cents to $55.71 in aftermarket trading, having closed the regular session at $55.84.
Disclosure I am long GIS shares in my Consumer Goods Folio.