Stryker Corp (SYK) will raise its quarterly dividend by another 10.6 percent to $0.52 per share in the fourth quarter of 2018. Last year the medical technology company also hiked its dividend by 10.6 percent.

The increased dividend is payable on January 31, 2019 to shareholders of record at the close of business on December 31, 2018.

“We continue to deliver strong financial results, and consistent with our stated capital allocation philosophy, are raising our dividend 11%," said Kevin A. Lobo, Chairman and Chief Executive Officer.

A new annualized dividend rate of  $2.08 per share yields 1.2% at a stock price of $172.25.

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.