J.M. Smucker Boosts Dividend By 4%

J.M. Smucker Co SJM said its Board of Directors approved a 4% increase in the quarterly dividend from $1.02 to $1.06 per share.

The next dividend will be paid on Friday, Sept. 1, 2023, to shareholders of record at the close of business on Friday, Aug. 18, 2023.

This represents the twenty-second consecutive fiscal year of dividend growth.

In June, J.M. Smucker reported a fourth-quarter FY23 sales growth of 10% Y/Y to $2.23 billion, beating the analyst consensus of $2.17 billion.

The company held $655.8 million in cash and equivalents as of Apr. 30, 2023.

In Q4, it incurred an operating loss of $(633.5) million compared to an income of $302 million last year.

Price Action: SJM shares traded lower by 0.47% at $146.92 on the last check Friday.