Allergan plc (AGN) will raise its quarterly dividend by 2.8 percent to $0.74 per share in the first quarter of 2019. Its the second dividend hike by the botox maker since a dividend was initiated in 2016.

The next dividend will be paid on March 15, 2019 to shareholders of record at the close of business on February 15, 2019.

"Allergan's increased dividend for 2019 demonstrates our confidence in our long-term business strategy and our commitment to executing on our capital allocation priorities. We remain committed to increasing our dividend annually," said Brent Saunders, Chairman and CEO of Allergan.

The new annualized dividend rate of $2.96 per share yields 1.8% at a stock price of $160.66. Allergan's stock price has been down double digits in 2016, 2017 and 2018. Year-to-date the stock price is up 20.2 percent.

Allergan plc, headquartered in Dublin, Ireland, is a pharmaceutical company. The company makes branded pharmaceutical, device, biologic, surgical and regenerative medicine products. Allergan markets a portfolio of brands and products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories. The company's best known brand is Botox.