Walgreen (NYSE: WAG) has found a little more cash to devote to shareholder payouts. The company declared a quarterly dividend of $0.315 per share, to be handed out on Sept. 12 to stockholders of record as of Aug. 20. That amount is $0.04, or 14.5%, higher than the pharmacy operator's previous distribution of $0.275, which was paid last month.

Walgreen is a very sturdy and reliable dividend payer. In the press release announcing its latest disbursement, the company pointed out that it has made such distributions for 323 straight quarters, raising them in 38 consecutive years.

The new dividend annualizes to $1.26 per share. That yields 2.6% at Walgreen's most recent closing stock price of $47.85.

Fool contributor Eric Volkman has no position in Walgreen. Nor does The Motley Fool. 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.