Zoetis (ZTS) will raise its quarterly dividend by 30.2 percent to $0.164 per share in the first quarter of 2019. This follows last year's 20 percent dividend hike by the animal health company.

The increased dividend is to be paid on Friday, March 1, 2019, to holders of record of the company’s common stock on Friday, January 18, 2019.

A new annualized dividend rate of 65.6 cents per share yields 0.8% at a stock price of $82.42.

“As a result of our consistent performance, financial discipline, and the strength of our business model, Zoetis remains well-positioned to generate cash for future growth and value creation opportunities,” said Juan Ramón Alaix, Chief Executive Officer at Zoetis. “This new share repurchase program, along with the dividend increase, is a demonstration of our ongoing commitment to return excess capital to shareholders as part of our capital allocation priorities.”

Zoetis Inc. is an animal health company. Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products, genetic tests, biodevices and a range of services. Zoetis serves veterinarians, livestock producers and people who raise and care for farm and companion animals worldwide. The company, formerly a subsidiary of Pfizer, went public in 2013 and has paid a dividend ever since.