Shelf-stable and frozen food purveyor Pinnacle Foods is going to initiate a quarterly regular cash dividend, with the initial payment at $0.18 per share.
Having completed its IPO on March 28 and using all the proceeds from the offering to pay down its debt and refinance existing indebtedness, the board adopted the regular dividend policy and will make the payout on July 10 to shareholders of record as of June 20.
The regular dividend payment equates to a $0.72-per-share annual dividend yielding 3% based on the closing price of Pinnacle Foods' stock on May 14.
Headquartered in Parsippany, N.J., Pinnacle is the owner of such well-known brands as Duncan Hines cake mixes, Vlasic pickles, and Mrs. Butterworth's syrup.
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