According to Jack Sanders, president and chief executive officer, this is the 35th consecutive year that Sonoco has grown common stock dividends and the 368th consecutive quarter, dating back to 1925, that the company has paid dividends to shareholders. Over the past three years, Sonoco has increased dividends by a combined 20.5%, or 6.8% per year.
“Today’s dividend increase further demonstrates our 92-year commitment to returning cash to our shareholders,” said Sanders. “I am proud to say that over the past five years, we have returned nearly $900 million to shareholders in the form of dividends and share repurchases.”
Sonoco’s projected annualized dividend of $1.56 per share provides a yield of approximately 3.0%, based on the company’s closing stock price of $51.45 on April 18, 2017. Sonoco’s dividend yield is one of the highest payouts provided by any U.S. packaging company and is about 45% higher than the dividend yield of the S&P 500.