General Mills (GIS) Increases Quarterly Dividend 17% to $0.28; Yields 3%; Authorizes 100 Common Buyback

The General Mills (NYSE: GIS) Board of Directors today declared an increase in the quarterly dividend rate to $0.28 per share, payable Aug. 2, 2010, to shareholders of record July 12, 2010. The ex-dividend date is July 8, 2010. The new annualized dividend rate of $1.12 per share represents a 17% increase over dividends of $0.96 per share paid in fiscal 2010. Yield on the dividend is 3%. Strong and growing cash dividends are an important component of General Mills' total return to our shareholders, said Chairman and Chief Executive Officer Ken Powell. The dividend increase announced today is a reflection of our company's robust financial condition and excellent future growth prospects. General Mills (NYSE: GIS) and its predecessor firm have now paid shareholder dividends without interruption or reduction for 111 years. Based on the June 25, 2010, closing price of $37.34 for General Mills common shares, the new annualized dividend rate represents a yield of 3 percent. The General Mills Board also approved an authorization for the company to repurchase up to 100 million common shares. The new authorization replaces the previous repurchase authorization established in December 2006, and has no expiration date.... Read more

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