- Dividend yield of 3.2% at purchase, well supported given the payout ratio of 54% (slightly above historical norm of ~50%).
- An impressive history of dividend growth over the last five years (averaging annual growth of 14%) and 24% over the last year.
- Reasonably priced at a P/E of 18X at cost.
- Strong balance sheet reflected in credit ratings of BBB+/Stable and A3/Stable.
- International sales account for about 30% of total sales, which enhances diversification of my portfolio.
My purchase of General Mills also allowed me to reach my forward dividend income goal that I had set for December 2014. With six months still to go, I'll have to re-set this goal, and figure out what it is I'd like to accomplish during the rest of the year.
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