Merck & Co (MRK) will raise its quarterly dividend by 2.3 percent to $0.45 per share in 2014. The next dividend will be paid on January 8, 2015 to shareholders of record on December 15, 2014. The ex-dividend date is December 11, 2014.

“The dividend increase reflects the progress we have made in aggressively managing costs and focusing resources, which has allowed us to fully invest in our most promising opportunities for growth while continuing to return meaningful value to our shareholders,” said Kenneth C. Frazier, chairman and chief executive officer, Merck.

At the current stock price of $59.34 the indicated dividend yield for Merck is 3.0%.

Merck & Co., Inc. is a global healthcare company known as MSD outside of the United States and Canada. The company's core product categories include diabetes, cancer, vaccines and hospital acute care. Its products include prescription medicines, vaccines, biologic therapies, and animal health products.