Dividend Increase: HRL

Hormel Foods (HRL) is increasing its quarterly dividend by 13.3%, from $0.15 to $0.17 per share, putting the company on track for its 47th consecutive year of dividend growth. It is fantastic to see a double-digit percent increase from a company with such a long dividend growth streak. Given that I own 100 shares of HRL, my quarterly dividend increases from $15.00 to $17.00, which will add an extra $8.00 to my annual dividend income. The increase will be effective with the first dividend payment in 2013. This dividend increase also boosts my yield on cost to 2.42%.