Merck & Co (MRK) will raise its quarterly dividend by 2.2 percent to $0.47 per share. The increased dividend will be paid on Jan. 9, 2017, to stockholders of record at the close of business on Dec. 15, 2016.

"We are making strides toward our overarching goal of bringing forward medicines and vaccines that create value for society and shareholders alike," said Kenneth C. Frazier, chairman and chief executive officer, Merck. "The dividend increase reflects our confidence in our innovation strategy and our commitment to returning meaningful value to our shareholders."

Today’s dividend increase indicates an annualized rate of $1.88 per common share and a yield of approximately 3.0% based on the $61.70 closing price on November 22, 2016.

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.