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Effective November 8, 2024, the Board of Directors increased the quarterly dividend previously declared on August 8, 2024, to $0.50 per share on our Class A common stock and $0.45 per share on our Class B common stock.
−Removed: The increased quarterly dividend is payable on December 15, 2023, to shareholders of record at the close of business on December 1, 2023.
−Removed: The Board also declared a quarterly dividend of $0.49 per share on our Class A common stock and $0.441 per share on our Class B common stock, payable on March 15, 2024, to shareholders of record at the close of business on March 1, 2024.
+Added: The increased quarterly dividend is payable on December 13, 2024, to shareholders of record at the close of business on November 29, 2024.
+Added: The Board also declared a quarterly dividend of $0.50 per share on our Class A common stock and $0.45 per share on our Class B common stock, payable on March 14, 2025, to shareholders of record at the close of business on February 28, 2025.
We anticipate the remaining quarterly dividends in fiscal 2025 will be $0.50 and $0.45 per share of our Class A and Class B stock, respectively.
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27, 2024 3,165 $ 58.26 — 7,301,400
−Removed: 30, 2023 to Sept.
+Added: 28, 2024 to Aug.
31, 2024 9,538 62.36 — 7,301,400
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(2) We purchased 101,190 shares during the period that were not made pursuant to our previously announced stock repurchase program but were purchased to fund certain Company obligations under our equity compensation plans.
−Removed: These transactions included 165,441 shares purchased in open market transactions and 27,988 shares withheld to cover required tax withholdings on the vesting of restricted stock.
(3) Shares purchased during the period pursuant to our previously announced stock repurchase program.
PERFORMANCE GRAPH
−Removed: The following graph shows a five-year comparison of cumulative total returns for our Class A stock, the Standard & Poor’s (“S&P”) 500 Index, our old peer group and our new peer group of companies described below.
+Added: The following graph shows a five-year comparison of cumulative total returns for our Class A stock, the Standard & Poor’s (“S&P”) 500 Index, our fiscal 2023 peer group and the S&P 500 Consumer Staples Index described below.
Fiscal Years Ended
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S&P 500 Index 100.00 115.25 152.19 127.18 154.68 210.00
−Removed: Old Peer Group 100.00 115.97 119.31 131.90 146.85 152.76
−Removed: New Peer Group 100.00 129.98 143.64 159.24 158.38 186.28
−Removed: The total cumulative return on investment (change in the year-end stock price plus reinvested dividends), which is based on the stock price or composite index at the end of fiscal 2018, is presented for each of the periods for the Company, the S&P 500 Index and our old and new peer groups.
−Removed: The graph compares the performance of the Company’s Class A common stock with that of the S&P 500 Index and our old and new peer groups, with the return of each company in the peer groups weighted on market capitalization.
+Added: Fiscal 2023 (Peer Group) 100.00 111.01 125.39 124.62 148.13 188.77
+Added: Fiscal 2024 (S&P 500 Consumer Staples Index) 100.00 111.70 126.14 124.21 134.09 174.20
+Added: The total cumulative return on investment (change in the year-end stock price plus reinvested dividends), which is based on the stock price or composite index at the end of fiscal 2019, is presented for each of the periods for the Company, the S&P 500 Index, our fiscal 2023 peer group and the S&P 500 Consumer Staples Index.
+Added: The graph compares the performance of the Company’s Class A common stock with that of the S&P 500 Index, our fiscal 2023 peer group, with the return of each company in the peer group weighted on market capitalization, and the S&P 500 Consumer Staples Index.
The stock price performance of the Company’s Class A common stock shown in the above graph is not necessarily indicative of future stock price performance.
−Removed: During fiscal 2023, we changed our peer group to include geographically relevant peers in addition to those operating in the manufacturing, food and CPG industries.
−Removed: Our new peer group includes:
+Added: For fiscal 2024, we selected the S&P 500 Consumer Staples Index for the comparison of total cumulative return on investment.
+Added: The S&P 500 Consumer Staples Index was selected as it includes a larger sample of companies within or adjacent to our industry.
+Added: For fiscal 2023, our peer group included:
Albertsons Companies, Archer Daniels Midland Co., Bunge Ltd., Caterpillar Inc., Coca-Cola Co., Deere & Co., J.B.
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Foods Holding, Proctor & Gamble and Walmart Inc.
−Removed: The complete list of our old peer group includes:
−Removed: Archer-Daniels-Midland Company, Bunge Limited, Campbell Soup Company, ConAgra Foods, Inc., General Mills, Inc., Hormel Foods Corp., Kellogg Co., Kraft Heinz Company, Mondelez International Inc., PepsiCo, Inc., Pilgrim’s Pride Corporation, The Coca-Cola Company, The Hershey Company and The J.M.
−Removed: Smucker Company.
The information in this “Performance Graph” section shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Securities Exchange Act of 1934.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.