Johnson & Johnson (NYSE: JNJ) is continuing its long tradition of boosting the money it returns to shareholders. The company has declared a quarterly dividend of $0.66 per share of its stock, to be paid on June 11 to shareholders of record as of May 28. This represents an increase of 8% over the previous payout of $0.61, which was dispensed in February.

The company is a steady dividend payer, and it typically raises that distribution once per year. This is the 51st consecutive year it has done so.

The new dividend annualizes to $2.64 per share. That yields 3.1% at Johnson & Johnson's current stock price of $85.21.

Fool contributor Eric Volkman has no position in Johnson & Johnson. The Motley Fool recommends and owns shares of Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.