The board of Tractor Supply has voted to increase the retailer's quarterly dividend to 20 cents per share, up from 12 cents.
The move, which will cost the Brentwood-based company an additional $23 million per year, comes a year after the board bumped the quarterly payment up from 7 cents per share .
"We remain committed to driving profitable growth by continuing to refine and enhance our merchandise assortments and the in-store experience, executing on our strategic gross margin initiatives and expanding the store base," said Chairman and CEO Jim Wright. "As we continue to generate significant excess cash flow and further strengthen our balance sheet, we are delighted that we have the financial flexibility to invest in this continued growth while returning additional value directly to our shareholders."
Shares of Tractor Supply (Ticker: TSCO ) closed Wednesday trading at just under $100 and have risen more than 40 percent so far this year. The company's market value now tops $7 billion.