2023-08-07 09:27:00 ET
Hormel Foods (NYSE: HRL) increased its dividend roughly 6% in the first quarter of 2023. That's important to note, because the company has been dealing with some headwinds over the past year or two, meaning 6% dividend growth was the figure during tough times. Over the past decade, that number was 13%. There's good reason to believe that dividend growth can pick back up again, making this stock a solid dividend growth buy right now.
Before getting into the details of Hormel Foods' current headwinds, it's worth highlighting that the food maker is a Dividend King , with 57 consecutive annual dividend increases under its belt. This is not some fly by-night company, and it has successfully navigated through hard times before. While Mr. Market has gotten nervous, pushing the stock 20% below its 52-week high, if you think in decades and not days, this drawdown might actually be an investment opportunity. That said, the problems are real.
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1 Dividend Growth Stock Down 20% to Buy Right Now