Procter & Gamble (PG) announced a 7% bump to its dividend on Monday, marking the 58th consecutive year that the maker of Duracell batteries and Bounty paper towels has increased its payout.
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The world’s largest consumer products maker said the board of directors signed off on the new quarterly dividend of 60.15 cents per share, up from 64.36 cents previously.
P&G said the new dividend is payable on or after May 15 to common shareholders of record as of the close of business on April 25.
Shares of P&G ticked up 0.29% to $80.00 in premarket trading on Monday morning. P&G has seen its shares underperform the broader markets over the past year, rising just 2%.
The Cincinnati-based maker of Tide detergent reported mixed quarterly results in late January amid growing organic sales but contracting margins. P&G is scheduled to report fiscal third quarter results on April 23.