Hormel Foods (NYSE: HRL) owns well-known brands like Spam, Skippy, and Wholly Guacamole. It has increased its dividend annually for 57 consecutive years, making it a Dividend King, and the stock is down about 25% from its 2022 highs.

Despite that sizable drop, the dividend yield is only 2.7%, a scant 0.2 percentage points above the yield of the Consumer Staples Select Sector SPDR ETF. And yet dividend growth investors should still find this stock very attractive.

Hormel sells branded food products, a fairly consistent and stable business over time. No company, however, goes through without facing some challenges along the way. Hormel has been suffering under a number of headwinds, some industry-wide and others of its own making. Many of its peers have been performing better lately -- which is the big-picture reason the stock is languishing.

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Source Fool.com