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Hormel Foods (HRL) , an American food company, said Monday that its board of directors authorized a quarterly dividend of 17 cents on the firm's common stock.

The dividend is payable on August 15 to shareholders of record at the close of business on July 17.

Since becoming a public company in 1928, Hormel Foods Corporation has paid a regular quarterly dividend without interruption.

Shares of Hormel Foods closed higher on Monday, however were sinking in after-hours trading.

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