Stryker Corporation (SYK) will raise its quarterly dividend by 11.8 percent to $0.425 per share. The increased dividend will be payable on January 31, 2017 to shareholders of record at the close of business on December 30, 2016.

"Our 12% increase in the dividend for 2017 reflects the strength of our balance sheet and our consistent capital allocation approach which uses acquisitions, dividends and share repurchases to drive shareholder value," said Kevin A. Lobo, Chairman and Chief Executive Officer. "Our continued strong performance should enable us to continue to drive future dividend increases roughly at or above our earnings growth."    

The dividend increase indicates an annualized rate of $1.70 per share and a yield of approximately 1.5% based on a stock price of $116.50.

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.