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This Top Dividend Stock Just Boosted Its Payout by 9%

General Mills (NYSE:GIS) is a high-yielding dividend stock that will soon be paying investors even more money. On June 28, the company reported its year-end results and at the same time announced that its Board had approved a 9% increase to the dividend.

The food company is coming off a decent year with sales of $20.1 billion rising 6% from the previous year. Adjusted earnings per share totaled $4.30 and rose 10% on a constant-currency basis. For fiscal 2024, management expects organic sales growth to be between 3% and 4% as the company still sees more opportunities ahead.

On Aug. 1, the company will pay a quarterly dividend of $0.59, up from the $0.54 it was previously paying. With the rate increase, General Mills' yield is now up to 3.1% -- that's about double the S&P 500 average.

General Mills has proven to be a safe haven stock since the pandemic as the company's food products, including its popular cereals, are staples across the country, making the business fairly resilient even amid inflation. Since 2020, shares of General Mills have risen 42%, which is higher than the S&P's 36% rise in value over that period.

At 17 times its future earnings, the stock isn't a terribly expensive one to own and it's only a few dollars away from its 52-week low of $72.16. With a track record of paying dividends for 124 straight years, General Mills can make for an excellent dividend stock to buy and forget about. This is a low-risk investment that investors can safely hold for years.