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The board of

Hershey Foods

(HSY) - Get The Hershey Company Report

voted to raise the dividends on both the company's common stock and its Class B common shares starting with the payout scheduled for next month.

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In a press release Tuesday, Hershey said it will pay a dividend of 39.5 cents on the common stock, an increase of 20.6%, or 6.75 cents a share. Additionally, the board declared a dividend of 35.75 cents on the Class B common stock, up 21.2%, or 6.25 cents a share.

The dividends are payable Sept. 15 to stockholders of record Aug. 25.

Shares of Hershey were gaining 6 cents to $71.67 on the

New York Stock Exchange