Johnson & Johnson (JNJ) will increase its quarterly dividend by 6.3 percent to $1.01 per share in 2020. This marks the 58th consecutive year of annual dividend increases by the Dividend Aristocrat.

The increased dividend is payable on June 9, 2020 to shareholders of record as of the close of business on May 26, 2020. The ex-dividend date is May 22, 2020. A new annualized dividend rate of $4.04 per share yields 2.8% at a stock price of $146.

"In recognition of our 2019 results, strong financial position and confidence in the future of Johnson & Johnson, the Board has voted to increase the quarterly dividend for the 58th consecutive year," said Alex Gorsky, Chairman and Chief Executive Officer of the company in today's press release announcing this dividend hike.

Johnson & Johson will pay its shareholders an estimated $10.6 billion in dividends annually, making the Dividend Aristocrat one of the biggest dividend payers in the United States. The average dividend growth rate for JNJ is 6.1 percent annually based on the last five years if we include this new dividend hike.

Johnson & Johnson is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. The company's three business segments are: Consumer, Pharmaceutical and Medical Devices. Johnson & Johnson is a holding company with operating companies conducting business worldwide. The company was incorporated in the State of New Jersey in 1887. Johnson & Johnson has paid a dividend every year to shareholders since 1944.