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Packaging maker Sonoco raises dividend by 3 pct

HARTSVILLE, S.C. (AP) -- Sonoco on Wednesday raised its dividend by a penny, or 3 percent, to 31 cents. The packaging maker raises its dividend every year.

Sonoco Products Co. will pay the dividend June 10 to shareholders of record on May 17.

The Hartsville, S.C., company has increased its dividend every year for 31 straight years.

Shares dropped 89 cents, or 2.5 percent, to $34.32 amid a broad market decline. The Standard & Poor's 500 index fell 1.4 percent in afternoon trading.

Sonoco stock has traded between $28.61 and $35.47 over the last year.