How Genuine Parts, Hormel Foods And Hershey Can Put Cash In Your Pocket

Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. Genuine Parts, Hormel Foods and Hershey have rewarded shareholders for decades and recently announced dividend increases. These companies currently offer dividend yields of over 3%.

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Genuine Parts

Genuine Parts GPC sells automotive replacement parts, industrial parts and materials globally. The automotive segment primarily distributes to its 9,800 global retail locations, of which about two-thirds are independently owned and operated. Its industrial segment, primarily operating under the Motion banner in the United States, is a leading distributor of bearings, power transmission and other industrial products to over 200,000 maintenance, repair and original equipment manufacturer clients.

The company has consistently increased its dividends for the last 68 years. According to its most recent dividend hike announcement on Feb. 15, its board of directors raised the quarterly dividend from $0.95 to $1 per share, equating to $4 annually. The dividend yield on the stock currently stands at 3.26%.

Genuine Parts' annual revenue (as of Sept. 30) stood at $23.3 billion. As per its most recent quarterly earnings report on Oct. 22, the company posted a Q3 2024 EPS of $1.88, missing the consensus estimate of $2.42, while revenues of $5.97 billion slightly beat the consensus of $5.94 billion.

How to put $100 in your retirement fund each month with Genuine Parts stock. Check out this article by Benzinga to learn more.

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Hormel Foods

Hormel Foods HRL develops, processes and distributes various meat, nut and other food products to retail, food service, deli and commercial customers.

Hormel Foods has increased its dividends consecutively for the last 58 years. As per its most recent dividend hike announcement on Nov. 20, 2023, its board of directors raised the quarterly dividend by 3% to $0.2825 per share, equal to an annualized figure of $1.13, with a yield of 3.87%.

The company's annual revenue (as of July 31) stood at $12 billion. As per its Q3 2024 earnings announcement on Sept. 4, it posted revenues of $2.90 billion, below the consensus of $2.95 billion, while the EPS of $0.37 came in above the consensus estimate of $0.36.

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Hershey

The Hershey Company HSY is a leading confectionery manufacturer in the United States and internationally. It offers chocolate and non-chocolate confectionery products, gum and mint refreshment products, protein bars, pantry items and snack items. The company primarily markets its products under Hershey’s, Reese’s, Kisses, Jolly Rancher, Almond Joy, Brookside, Kit Kat, Payday, Rolo, Twizzlers and Whoppers.

Hershey has increased its dividends every year for the last 15 years. On Feb. 8, it announced its most recent dividend hike, raising the quarterly dividend from $1.19 to $1.37 per share, which is equal to $5.48 annually. The dividend yield on the stock currently stands at 3.21%.

Hershey's annual revenue (as of Sept. 30) stood at $11 billion. According to its most recent earnings release on Nov. 7, it posted Q3 2024 revenues of $2.99 billion and an EPS of $2.34, both of which came in below the consensus estimates.

Genuine Parts, Hormel Foods and Hershey are good choices for investors seeking reliable passive income. Their dividend yields of over 3% and long history of consistent hikes make them attractive to income-focused investors.

Check out this article by Benzinga for three more stocks offering even higher dividend yields.

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