MINNEAPOLIS — The board of directors of General Mills, Inc. approved an 8% dividend increase for the company’s common stock. The new quarterly dividend of 33c per share is payable Aug. 1 to shareholders of record as of July 10.

The new annualized dividend rate of $1.32 per share represents a yield of approximately 3.4% at recent market prices for General Mills shares.

“We view dividends and dividend growth as a key component of value creation for shareholders,” said Ken Powell, chairman and chief executive officer. “Over the past five years, which was a challenging period for the capital markets overall, General Mills’ dividends per share increased at an 11% compound annual rate. The company’s dividend yield has averaged roughly 3% over this same period.”