Frozen foods producer Lamb Weston Holdings Inc. said Dec. 19 that it raised its regular quarterly dividend by about 15% to 23 cents per share from 20 cents per share in the previous quarter.

The dividend is payable on Feb. 28, 2020, to shareholders of record as of the close of business on Jan. 31, 2020.

The Idaho-based company added that it plans to continue to target an annual dividend payout ratio of 25% to 35% of adjusted diluted EPS.