Hormel raises dividend by 3%

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Hormel Foods Corp. HRL, -1.48% said late Monday that its board has authorized a 3% increase in the company’s annual dividend to $1.13 a share, from $1.10 a share. That’s the food company’s 58th consecutive annual dividend increase, it said. The first quarterly dividend of 28.25 cents a share is scheduled to be paid on Feb. 15 to stockholders of record on Jan. 16, the company said. Shares of Hormel edged lower in the extended session after a 1% drop in the regular session Monday.