Atrion Corporation (ATRI) will raise its quarterly dividend by 12.9 percent to $1.75 per share in 2020. This follows a 14.8 percent dividend hike to $1.55 per share in 2019. The medical products manufacturer has now announced a dividend hike for 16 consecutive years.

The next dividend will be payable on September 30, 2020 to stockholders of record at the close of business on September 15, 2020. A new annualized dividend rate of $7.00 per share yields 1.1% at a stock price of $662.

Atrion will pay an estimated $13 million in dividends to shareholders annually after this latest dividend hike. The average 5 year dividend growth rate for Atrion is 14.2 percent with the company announcing double digit dividend hikes every year in more than a decade now.

Atrion Corporation is a manufacturer of medical devices and components. The company makes products for specific niche markets, primarily in the field of health care. Most of the company's products are supplied to the cardiovascular, ophthalmic and fluid delivery markets. Atrion's products include soft contact lens disinfection cases, clamps for IV sets, vacuum relief valves, surgical loops used in minimally invasive surgery, and check valves. As an extension of its expertise in valve design and manufacturing, Atrion also is the leading manufacturer of valves and inflation devices for the marine and aviation markets, supplying valves used in safety products such as life vests, and inflatable boats.