Stryker (SYK) will raise its quarterly dividend by 13.1 percent to $0.345 per share in 2014. This follows a 15.1 percent dividend hike by Stryker in 2013. Stryker, one of the world`s leading medical technology companies, has increased its dividend every year since 1999.

"Our strong balance sheet and cash flow support another double-digit increase to our dividend rate," said Kevin A. Lobo, President and Chief Executive Officer of Stryker.

Stryker Corporation is a medical technology company. The company offers products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine. Stryker's products include  implants used in hip and knee joint replacements and trauma and extremities surgeries,  surgical equipment and navigation systems, endoscopic and communications systems, patient handling, emergency medical equipment and intensive care disposable products and neurosurgical, neurovascular, and spinal implant devices. Stryker was incorporated in Michigan in 1946 as the successor company to a business founded in 1941 by Dr. Homer H. Stryker, a prominent orthopaedic surgeon and the inventor of several medical products.