Costco Wholesale (NASDAQ: COST) might be a bargain shopping destination, but the company is going to open its wallet a bit wider for its upcoming dividend. It's announced a new distribution of $0.31 per share of its common stock, which will be handed out on May 31 to shareholders of record as of May 17. That amount is nearly 13% higher than the firm's previous regular quarterly payout of $0.275 per share dispensed in February.

Prior to that, Costco paid $0.24 per share. It also distributed a special dividend of $7.00 in December.

The new payout annualizes to $1.24 per share. That yields 1.1% at Costco's current stock price of $108.43.

Fool contributor Eric Volkman has no position in Costco Wholesale. The Motley Fool recommends and owns shares of Costco Wholesale. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.