Apple (AAPL) will raise its quarterly dividend by 6.5 percent to $0.82 per share in 2020. The technology company has now raised its dividend for 8 consecutive years. Apple is the fourth largest dividend payer in the United States with an annual dividend payment of approximately $15.5 billion.

The increased dividend will be paid on May 14, 2020 to shareholders of record as of the close of business on May 11, 2020. Apple's board of directors has also authorized an increase of $50 billion to the existing share repurchase program. Apple stock yields 1.1% based on the new annual dividend of $3.28 per share.

Last year Apple hiked its dividend by 5.5 percent to 77 cents per share quarterly. This followed double digit dividend increases by the company announced both in 2018 and 2017. Apple currently is the fourth largest dividend payer in the United States behind Microsoft, AT&T and Exxon Mobil. Microsoft pays an annual dividend of $15.5 billion compared to approximately $14.3 billion for Apple based on the number of shares outstanding on April 3, 2020.

Apple reinstated a quarterly dividend in 2012 and has since hiked its annual payment to shareholders every year with four double digit dividend hikes announced in the last eight years. The biggest dividend increase of 15.9 percent was announced two years ago in 2018. The smallest dividend increase by Apple was announced last year, when the quarterly dividend was raised by 5.5 percent. The annual dividend growth rate in the last five years is 9.5 percent for Apple.

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.