Pinnacle Foods Boosts Quarterly Dividend 12%

(RTTNews) - Pinnacle Foods Inc. (PF) said Thursday that its Board of Directors has approved an 11.9% increase in the company's quarterly cash dividend, from $0.21 per share to $0.235 per share, effective with the upcoming third quarter 2014 dividend.

The third quarter dividend is payable on October 7 shareholders of record on August 29.

Pinnacle Foods Chief Executive Officer Bob Gamgort said, "The dividend increase announced today reflects our continuing strong cash flow performance and ongoing confidence in our business model. With this dividend increase, we have achieved the objective we established at the time of our IPO in March 2013 to maintain a dividend payout ratio of approximately 50% of net earnings."