Shares of Sonoco Products Co. /zigman2/quotes/201691559/composite SON -2.22% rose 1.2% in midday trading Wednesday, after the protective packaging company said it raised its quarterly dividend by 8.8%, to 49 cents a share from 45 cents. The new dividend is payable Jun 10 to shareholders of record on May 10. Based on current stock prices, the new annual dividend rates implies a dividend yield of 3.00%, compared with the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.72% of 1.42%. The company said the next dividend payment will be the 388th-consecutive quarter, going back to 1925, that it has paid a dividend, and will mark the 40th-straight year that the dividend was raised. The stock has rallied 12.9% year to date, while the S&P 500 has lost 6.2%.