General Mills (GIS) Pumps Up Quartley Dividend by 9% to 0.47 cents per share

General Mills (GIS) is increasing its quarterly dividend by 9.3 percent.

The Minneapolis-based food company said Monday that its board is raising the dividend by 4 cents to 47 cents per share. The new dividend is payable Aug. 3 to shareholders of record as of July 10.

The new annual dividend rate will increase to $1.88 from $1.72.

General Mills Chairman and CEO Ken Powell said the dividend increase is a reflection of the company's robust financial condition and future growth prospects.

Shares of the company fell 13 cents to $55.71 in aftermarket trading, having closed the regular session at $55.84.

Disclosure I am long GIS shares in my Consumer Goods Folio.