The Board of Directors of Hormel Foods Corp. announced Monday its 46th consecutive annual dividend increase.

The annual dividend on the common stock of the corporation was raised to 60 cents per share from 51 cents per share.

A quarterly dividend on the common stock was also authorized by the Board of Directors at 15 cents a share. The quarterly dividend will be paid Feb. 15, 2012, to stockholders of record at the close of business on Jan. 23, 2012.

The Feb. 15 payment will be the 334th consecutive quarterly dividend paid by the company. Since becoming a public company in 1928, Hormel Foods has paid a regular quarterly dividend without interruption.