Conagra Brands has cut its rich quarterly dividend in half, to 17.5 cents from 35 cents, as the food maker works to rebalance its capital-allocation program.

Conagra on Wednesday said the reduced dividend will also help the Chicago company accelerate progress toward its leverage target while bolstering its financial flexibility, including the ability to shape its portfolio over time.

The new payout, equal to 70 cents a year, represents an annual yield of 4.95% based on Tuesday's closing price of $14.15, down from nearly 9.9%, which made Conagra shares the highest yielding stock in the S&P 500 index.

Conagra said it is committed to paying a dividend that returns meaningful capital to shareholders and enables the payout to grow alongside earnings over time.

The company said the decreased dividend is payable Sept. 2 to shareholders of record July 30.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 15, 2026 07:49 ET (11:49 GMT)

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