The Board of Directors of Hormel Foods Corp. announced today its 47th consecutive annual dividend increase.

The annual dividend on the common stock of the corporation was raised to 68 cents per share from 60 cents per share.

A quarterly dividend on the common stock was also authorized by the Board of Directors at 17 cents a share. The quarterly dividend will be paid Feb. 15, 2013, to stockholders of record at the close of business on Jan. 21, 2013.

The Feb. 15 payment will be the 338th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel has paid a regular quarterly dividend without interruption.