Dividend Aristocrat Johnson & Johnson (JNJ) will increase its quarterly dividend by 5 percent to $0.84 per share in 2017.

"In recognition of our 2016 results, strong financial position and confidence in the future of Johnson & Johnson, the Board has voted to increase the quarterly dividend for the 55th consecutive year," said Alex Gorsky, Chairman and Chief Executive Officer of the company.

At the new rate, the indicated dividend on an annual basis is $3.36 per share compared to the previous rate of $3.20 per share.  The next quarterly dividend is payable on June 13, 2017 to shareholders of record as of the close of business on May 30, 2017. The ex-dividend date is May 25, 2017.

Johnson & Johnson is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. The company's three business segments are: Consumer, Pharmaceutical and Medical Devices. Johnson & Johnson is a holding company with operating companies conducting business worldwide. The company was incorporated in the State of New Jersey in 1887.