Dividend Kings List: Top 15

7. Hormel Foods Corporation (NYSE:HRL)

Dividend Yield as of December 3: 3.63%

Hormel Foods Corporation (NYSE:HRL) is an American food processing company that specializes in marketing and production of a wide range of consumer-branded food and meat products. The stock is delivering negative returns this year, falling by nearly 3% since the start of 2024, because of some temporary challenges. However, the company is focusing on reducing costs and leveraging its historical strength in innovation to regain its growth momentum. Given its long track record of success, this goal appears achievable. However, the process may take time, and during this period of navigating challenges, both overall growth and dividend increases are expected to remain modest.

In the third quarter of 2024, Hormel Foods Corporation (NYSE:HRL) reported revenue of $2.9 billion, which fell by 2.2% from the same period last year. The company’s food service segment remained the winner, with sales amounting to $142.5 million. Its international sales saw a huge jump of 78% on a YoY basis at $21.8 million.

Hormel Foods Corporation (NYSE:HRL) also showed a solid cash position during the quarter. The company generated $218 million in operating cash flow and ended the quarter with approximately $538 million available in cash and cash equivalents. On November 27, it declared a 2.7% hike in its quarterly dividend to $0.29 per share. This marked the company’s 51st consecutive year of dividend growth. The stock offers a dividend yield of 3.63% as of December 3, which makes HRL one of the best dividend kings on our list.

At the end of the third quarter of 2024, 31 hedge funds tracked by Insider Monkey owned stakes in Hormel Foods Corporation (NYSE:HRL), the same as in the previous quarter. The collective value of these stakes is over $601.6 million.