Johnson & Johnson (JNJ) has announced that its Board of Directors has approved a 6.6% increase in the company’s quarterly dividend, raising it to $1.13 per share from $1.06 previously.
“In recognition of our 2021 results, strong financial position, and confidence in the future of Johnson & Johnson, the Board of Directors has voted to increase the quarterly dividend for the 60th consecutive year,” said Joaquin Duato Chief Executive Officer of Johnson & Johnson in a news release.
At the new rate, Johnson & Johnson’s annual dividend rises to $4.52 per share compared to the previous rate of $4.24.
The next quarterly dividend from Johnson & Johnson is payable on June 7 to shareholders of record as of the close of business on May 24. The ex-dividend date is May 23, the company said.
The dividend increase comes as Johnson & Johnson posted stronger-than-expected first quarter earnings.
Johnson & Johnson said adjusted earnings for the three months ending March 31 came in at $2.67 U.S. per share, up 3% from the same period last year and $0.08 ahead of the consensus forecast of analysts.
Johnson & Johnson said its Q1 revenue rose 45% to $23.43 billion U.S., a figure that just missed analysts’ estimates of a $23.6 billion U.S.
Looking ahead, Johnson & Johnson said it sees adjusted earnings for all of this year in a range of $10.15 U.S. to $10.35 U.S. per share, down from its prior forecast of $10.40 U.S. to $10.60 U.S. per share as demand for vaccines slows.