CHICAGO - ConAgra Foods Inc raised its quarterly dividend by 5 percent on Friday, days after the food maker raised its earnings forecast.
The maker of Banquet frozen meals and Hebrew National hot dogs cited its strong earnings outlook and healthy annual cash flows. ConAgra raised its full-year earnings forecast on Tuesday, when it posted a better-than-expected quarterly profit despite a sales slump.
The initial quarterly payout of 20 cents per share, up from 19 cents, will be paid on Dec. 1 to holders of record as of Oct. 30.
Shares of ConAgra fell 11 cents, or 0.5 percent, to $21.63 in early New York Stock Exchange trading. (Reporting by Jessica Wohl; Editing by Lisa Von Ahn)