Hill-Rom Holdings (HRC) will raise its quarterly dividend by 9.1 percent to 24 cents per share in 2021. This follows a 4.8 percent hike last year and a 5.0 percent hike to $0.21 per share in the first quarter of 2019. The new dividend yield for HRC is 0.8%. This marks the 11th consecutive year of dividend increases by the company.

The next quarterly dividend is payable on March 31, 2021, to shareholders of record as of the close of business on March 22, 2021. The indicated annual dividend rate is $0.96 per share and yields 0.8% at a stock price of $107.

"Hillrom is committed to returning value to our shareholders through our dividend while preserving financial flexibility for M&A and organic investments that further transform our portfolio and support our vision of Advancing Connected Care™," said Hillrom President and CEO John Groetelaars. "We are pleased to raise our quarterly dividend rate for the eleventh consecutive year as a demonstration of our strong financial position and free cash flow."

Hill-Rom Holdings, Inc. is a medical technology company. The company's products include connected smart beds, patient lifts, patient assessment and monitoring technologies, caregiver collaboration tools, respiratory health devices and advanced equipment for the surgical space. Hill-Rom's reportable segments are: Patient Support Systems, Front Line Care and Surgical Solutions. The company's brands include Hill-Rom, Welch Allyn, Mortara, Trumpf Medical, Aspen Surgical, Allen Medical and Liko. Hill-Rom was incorporated on August 7, 1969, in the State of Indiana and is headquartered in Chicago, Illinois.