Similac, drug and medical device maker Abbott Labs raises quarterly dividend to 24 cents

Abbott Laboratories on Friday raised its quarterly dividend 9 percent to 24 cents from 22 cents.

The company makes Similac infant formula, medical devices and drugs. Its next dividend is payable Feb. 13 to shareholders of record on Jan. 15.

Shares of the North Chicago, Illinois, company fell 22 cents to $44.24 in afternoon trading.