WESTERVILLE, Ohio - Lancaster Colony (NASDAQ:LANC) Corporation (NASDAQ:LANC), a manufacturer and marketer of specialty food products, has declared a quarterly cash dividend of 90 cents per share, consistent with the increased amount set six months prior. This announcement, made on Thursday, continues the company's record of 61 consecutive years of regular cash dividend increases, a streak matched by only 12 other U.S. companies.
The dividend is payable on June 28, 2024, to shareholders of record as of June 7, 2024. This will mark the 244th consecutive quarterly cash dividend paid by Lancaster Colony since September 1963. CEO David A. Ciesinski emphasized the company's robust financial position, which supports the ongoing dividend payments. The total annual payout for the fiscal year ending on June 30, 2024, is projected to be $3.55 per share, an increase from the $3.35 per share distributed in the previous fiscal year.
With approximately 27.5 million common shares outstanding, the dividend payout reflects Lancaster Colony's commitment to returning value to its shareholders.
The company also provided a cautionary note regarding forward-looking statements included in the announcement. These statements, which are based on current expectations and projections about future events, are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from what is expressed. Such factors include changes in cash flow or the use of cash in various business activities and other risks detailed in reports filed with the Securities and Exchange Commission.
InvestingPro Insights
Lancaster Colony Corporation's (NASDAQ:LANC) commitment to shareholder returns is further underscored by the company's financial health and performance metrics. Notably, LANC boasts a strong Piotroski Score of 9, indicating a robust financial position. This score is a testament to the company's sound fiscal policies and operational efficiency, which contribute to its ability to maintain and increase dividend payouts consistently.
InvestingPro data reveals that Lancaster Colony has a market capitalization of approximately $5.3 billion USD, reflecting its significant presence in the specialty food products market. A high P/E ratio of 39.8 suggests that investors may expect continued growth and profitability from the company, supported by a revenue growth of 2.93% over the last twelve months as of Q3 2024. Furthermore, the company's ability to manage its cash effectively is evident, as it holds more cash than debt on its balance sheet, ensuring financial stability and resilience against market fluctuations.
For investors looking for detailed analysis and additional insights, there are 12 more InvestingPro Tips available that delve into Lancaster Colony's financial health, stock performance, and future earnings projections. These tips can be accessed by visiting https://www.investing.com/pro/LANC. To further enrich your investment decisions, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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