Garmin (GRMN) will increase its quarterly dividend by 7.5 percent to $0.57 per share in 2019. This follows last year's 3.9 percent dividend hike by the Swiss company.

The board of directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 7, 2019, a cash dividend in the amount of $2.28 per share (subject to possible adjustment based on the total amount of the dividend in Swiss Francs as approved at the annual meeting), payable in four equal installments on dates to be determined by the Board.

A new annual dividend of $2.28 per share will yield 2.6% at a stock price of $82.42.

Garmin Ltd. offers global positioning system (GPS) navigation and wireless devices and applications. The Switzerland based company offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. Garmin offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices. The company went public in 2000 and has paid a dividend every year since 2003.