Walmart Inc. (WMT) will raise its quarterly dividend by 1.9 percent to $0.54 per share in 2020. This marks the 47th consecutive year of dividend increases by the retailer.

The next dividend will be paid on April 6, 2020 to shareholders of record on March 20, 2020. The new annualized dividend rate of $2.16 per share yields 1.8% at a stock price of $118.41.

“We’re proud of our track record of returning meaningful cash to shareholders and are pleased to be increasing our annual dividend for the 47th consecutive year,” said Brett Biggs, executive vice president and chief financial officer at Walmart Inc. in the company's press release.

Walmart will pay an estimated $6.1 billion in dividends to its shareholders annually. Dividend growth has been slowing significantly in the last five years for the retail giant, with 2 percent hikes announced every year since 2014. The last double digit dividend hike bij Walmart was announced in 2013, with a 18.2 percent increase.

Walmart Inc. is operates retail, wholesale and other units, as well as eCommerce websites, located throughout the U.S., Africa, Argentina, Brazil, Canada, Central America, Chile, China, India, Japan, Mexico and the United Kingdom. The company's operations comprise three reportable segments: Walmart U.S., Walmart International and Sam's Club. Although Walmart was incorporated in Delaware in October 1969, the businesses conducted by our founders began in 1945 when Sam M. Walton opened a franchise Ben Franklin variety store in Newport, Arkansas. The company has paid a dividend every year since 1973.