The past six months have been profitable for owners of most FTSE 100 shares. Alas, while the UK’s elite stock-market index has jumped 9.1% in half a year, some constituent shares have done poorly. For example, the Unilever (LSE: ULVR) share price has dropped 14% in this period. Should Unilever shareholders — including my family — sell our stock?

Unhappy Unilever

As I mentioned, my family has a dog in this race, as we bought Unilever stock for 4,122.2p a share in August 2023. I regret this decision, as the shares have barely moved since then. As I write, the shares trade at 4,224.49p. This values this Anglo-Dutch consumer-goods giant at £92bn, making it the seventh-largest company in the Footsie.

Earlier this year, Unilever shares were riding high, peaking at 5,526p on 24 February. But then the US attacked Iran on 28 February, triggering a new Middle East conflict. Today, the stock is more than a quarter (-25.4%) below its 52-week high.

What’s more, Unilever shares are down 16.7% over one year and 7.8% lower over five years, excluding cash dividends. Then again, these price declines have pushed up the stock’s dividend yield to levels rarely seen in my nearly 40 years of following this share.

Dividend play?

I suspect many Unilever shareholders — both individual and institutional — are none too happy with CEO Fernando Fernández and his executive team. Fernández is a Unilever lifer, having joined the group in Argentina in 1988. Sadly, the stock price has suffered since he took the helm in March 2025.

Then again, Unilever is a fiendishly complicated organisation to run. It sells over 400 different brands in more than 190 countries, with 3.7bn consumers using its products every day. Likewise, it employs over 150,000 people, while its global turnover hit €50.5bn (£43.7bn) in 2025.

Despite being founded in 1930, this 96-year-old company is trying to evolve. Under pressure from billionaire activist investor Nelson Peltz and his Trian Fund Management hedge fund, the group has spun off its ice-cream division. In March, it combined its food and tea businesses with US spice maker McCormick & Company, creating a $65bn offshoot.

Just like its Marmite yeast spread, investors may hate or love this transformational deal. Thus far, I’m not impressed, given how much McCormick’s stock price has dived since (crashing 34% since 27 February). However, Unilever’s sagging share price has pushed up its dividend yield.

Today, shares in this big British business offer a cash yield of 4% a year. That’s well above the FTSE 100’s dividend yield of 3.1% a year. Hence, private investors and fund managers seeking reliable and rising income might view this stock as a bargain.

As for my family, I intend to hang onto our Unilever stock and await developments. Next up: the half-year results on 28 July 2026 — which I will pore over with a critical eye!

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Cliff D’Arcy has an economic interest in Unilever.