Garmin (GRMN) will increase its quarterly dividend by 9.8 percent to 67 cents per share in 2021. This follows a 7.0 percent to $0.61 per share in 2020 and marks 4 consecutive years of dividend increases.

If approved the first new quarterly dividend of 67 cents will be paid on June 30, 2021 to shareholders of record on June 15, 2021.

A new annual dividend of $2.68 per share will yield 2.1% at a stock price of $128. On March 31, 2021 Garmin stock will first trade ex-dividend for a last quarterly payment of 61 cents.

Garmin Ltd. offers global positioning system (GPS) navigation and wireless devices and applications. The Switzerland based company offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. Garmin offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices. The company went public in 2000 and has paid a dividend every year since 2003.