Coty Inc. (COTY) will raise it’s annual dividend to $0.50 per share, with quarterly payments of $0.125 per share. The first quarterly dividend is payable on December 28, 2016 to shareholders of record at the close of business on December 19, 2016.

Earlier this year Coty had already hiked it's annual dividend by 10% to $0.275 per share. Today the company announced it's first quarterly dividend payment.

“The increase in our dividend, and the transition of the timing to a quarterly payout schedule, enhances the Company’s ability to return cash to shareholders throughout the year,” said Patrice de Talhouёt, EVP and Global Chief Financial Officer. “We remain committed to creating shareholder value as Coty strives to become a global industry leader by being a clear challenger in beauty.”

Coty,  one of the world’s largest beauty companies, will have an estimated dividend yield of 2.7% based on the new $0.50 annual dividend and a stock price of $18.64.