: Conagra raises dividend, to lift implied yield above 4.2%

Conagra Brands Inc.’s said Thursday that it has raised its quarterly dividend by 6.1%, to 35 cents a share from 33 cents a share, Based on the branded foods company’s stock closing price of $32.98 on Wednesday, the new annual dividend rate implies a dividend yield of 4.24%, which compares with the yield for the Consumer Staples Select Sector SPDR exchange-traded fund XLP of 2.53% and the implied yield for the S&P 500 SPX of 1.53%. Conagra’s stock fell 1% toward a nine-month low in premarket trading, after the company, with food brands including Hunt’s, Reddi Whip, Healthy Choice and Vlasic, reported fiscal fourth-quarter revenue that came up shy of expectations and provided a downbeat full-year profit view. Meanwhile, futures ES00 for the S&P 500 SPX rose 0.3%.

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