Apple (AAPL) will raise its quarterly dividend by 5.5 percent to $0.77 per share in the second quarter of 2019. The Iphone maker has now raised its dividend for 7 consecutive years.

The next dividend is payable on May 16, 2019 to shareholders of record as of the close of business on May 13, 2019. Apple yields 1.5% based on the new annual dividend of $3.08 per share.

“We generated operating cash flow of $11.2 billion in the March quarter and continued to make significant investments in all areas of our business,” said Luca Maestri, Apple’s CFO. “We also returned over $27 billion to shareholders through share repurchases and dividends. Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $75 billion for share repurchases. We are also raising our quarterly dividend for the seventh time in less than seven years.”

Apple Inc. designs, manufactures and markets mobile communication and media devices and personal computers, and sells a variety of related software, services, accessories and third-party digital content and applications. The company’s products and services include iPhone, iPad, Mac, Apple Watch, AirPods, Apple TV, HomePod, iCloud and Apple Pay. Apple is a California corporation established in 1977 as Apple Computer, Inc.  The company's segments include the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Apple, formerly Apple Computer, suspended its dividend in 1996 and reinstated a quarterly payment in 2012.