Today, June 28th the Board of Directors of General Mills, Inc. (GIS) announced a quarterly dividend increase of from $0.54 to $0.59 per share that’s payable that’s payable August 1, 2023 to holders of record July 10, 2023. This represents a 9.26% increase over the last quarterly dividend.
With current price $78.87 (today's open), this raise brings their dividend yield to 2.99%.
This is the second time GIS has increased the dividend after freezing the increases in 2018.
Since I own 0 shares of GIS, this will increase my portfolio's projected annual net dividend income by $10.43.
I was expecting a rise of around 5%, so this was a pleasant surprise and I welcome it. I hope that the increases will continue at regular frequencies in the future.
This is the fifth dividend increase I've received from General Mills since initiating a position in February 2017. During this period, the quarterly dividend has risen only slightly from $0.48 to $0.59, or 20.4 percent.
This increase raises my YOC to 4.06%.
Summary of 2023 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long GIS
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