Topic: How To Invest

Dividend Advisor Hotline – Friday, March 22, 2024

Article Excerpt

ARCHER DANIELS MIDLAND CO., $62.00, New York symbol ADM, is still a hold. The company processes corn, wheat, soybeans, flax seed and other crops into a variety of food ingredients such as flour, oils and sweeteners. It’s also a leading producer of ethanol from corn, a gasoline additive that reduces harmful emissions. With the February 2024, payment, Archer raised your quarterly dividend by 11.1%, to $0.50 a share from $0.45. The new annual rate of $2.00 a share yields 3.2%. The company also added $2 billion to its current share buyback authorization. It now aims to repurchase $1 billion of its shares by June 30, 2024. Archer recently suspended its chief financial officer in response to concerns about the accounting practices at its nutrition division. That business makes ingredients for human and pet foods, and it accounted for 8% of Archer’s revenue in 2023. After a review, which covered the years from 2018 to 2023, Archer determined that some sales between business units within…