Pharmaceutical and health care products giant, Johnson & Johnson (NYSE: JNJ – $123.47) announced that it will be increasing its quarterly dividend rate to $0.84 per share from $0.80, a 5% increase. The new dividend is payable on June 13 to holders of record on May 30 with an ex-dividend date of May 25. The annualized $3.36 distribution will yield inventors 2.7%, at current levels. The company said it made the change “in recognition of our 2016 results, strong financial position and confidence in the future of Johnson & Johnson”. The company reported first quarter results on April 19. Shares of J&J have moved higher by 8.9% over the last three months, compared with a 3.9% rise in the S&P 500.