New Brunswick, New Jersey’s Johnson & Johnson (NYSE: JNJ -$128.88) said its Board of Directors has declared a 7.1% increase in the quarterly dividend rate, from $0.84 per share to $0.90. “In recognition of our 2017 results, strong financial position and confidence in the future of Johnson & Johnson, the Board has voted to increase the quarterly dividend for the 56th consecutive year,” said CEO Alex Gorsky at today’s annual meeting of shareholders. At the new rate, the indicated dividend on an annual basis is $3.60 per share and will yield 2.8%. The next quarterly dividend for the giant pharmaceutical, medical device and consumer health products provider is payable on June 12, 2018 to shareholders of record as of the close of business on May 29, 2018. The ex-dividend date is May 25, 2018.