Buoyed by rising sales and profits, the company has boosted its dividend at a 30% compounded annual clip over the past decade, during which time the payout grew more than 14-fold. And those hikes are about to get even bigger. Last month, management announced they have increased their target dividend payout ratio to 40% to 50% of free cash flow, which is a boost from the previous target of 25% to 35%.
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Fool contributor Robert Baillieul has no position in any stocks mentioned. Agrium is a recommendation of Stock Advisor Canada.