Why LCI Industries, Hormel Foods, And Genuine Parts Are Winners For Passive Income

Companies with a long history of paying dividends and consistently hiking them remain appealing to income-focused investors. LCI Industries, Hormel Foods, and Genuine Parts have rewarded shareholders for years and recently announced dividend increases. These companies currently offer dividend yields of around 3% to 4%.

LCI Industries

LCI Industries LCII supplies domestic and international components for the original equipment manufacturers of recreational vehicles and adjacent industries, including buses and trailers for hauling boats, livestock, equipment and other cargo. 

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LCI Industries has raised dividends every year since 2016. According to its most recent dividend announcement on Nov. 14, the company increased the quarterly payout from $1.05 to $1.15 per share, equaling an annual figure of $4.60 per share. The current dividend yield on the stock stands at 4.22%.

The company's annual revenue as of Sept. 30 stood at $3.78 billion. On Feb. 11, it posted Q4 2024 revenues of $803.14 million and EPS of $0.37. Both figures came in above the consensus estimates. 

Hormel Foods

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

Hormel Foods has increased its dividends consecutively for the last 59 years. In its most recent dividend announcement on Nov. 25, the company raised the quarterly payout by 3% to $0.29 per share, which is equal to an annual figure of $1.16 per share. Currently, the dividend yield on the stock is 4.06%.

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Hormel Foods' annual revenue as of Oct. 31 stood at $11.92 billion. In its Q4 2024 earnings announcement on Dec. 4, the company posted revenues of $3.14 billion and EPS of $0.42, both matching Street expectations.

How much would it take to earn $100 a month from Hormel Foods stock? Check out this article by Benzinga to learn more.

Genuine Parts

Genuine Parts Company 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.

Genuine Parts has raised its dividends every year for the last 69 years. As per its most recent dividend hike announcement on Feb. 18, the company's board of directors raised the quarterly payout by 3% to $1.03 per share, equal to an annual figure of $4.12 per share. Currently, the dividend yield on the stock stands at 3.38%.

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Genuine Parts’ annual revenue as of Sept. 30 stood at $23.30 billion. In its most recent quarterly earnings announcement on Feb. 18, the company posted Q4 2024 revenues of $5.77 billion and EPS of $1.61. Both figures beat the consensus estimates.

LCI Industries, Hormel Foods, and Genuine Parts are good choices for investors seeking reliable passive income. Their dividend yields of around 3% to 4% and long history of consistent hikes make them attractive to income-focused investors.

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

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