Johnson & Johnson is hiking its quarterly dividend by 7 percent, from 70 cents per share to 75 cents per share.
The board of directors of the world's biggest maker of health care products approved the increase. It was announced at Johnson & Johnson's annual meeting in New Brunswick, New Jersey, where J&J is based.
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"In recognition of our 2014 results, strong financial position and confidence in the future of Johnson & Johnson, the board has voted to increase the quarterly dividend for the 53rd consecutive year," CEO Alex Gorsky said in a statement.
The dividend is payable on June 9 to shareholders of record on May 26.
The maker of Band-Aids, prescription drugs and medical devices has 127,000 employees at more than 265 operating companies around the world.