Covidien (NYSE: COV) is keeping its dividend level for the moment. The company has declared a quarterly common stock distribution of $0.26 per share, to be paid on August 15 to shareholders of record as of July 30. That amount matches each of the firm's previous three payouts; the most recent of which was paid in early May. Prior to that, Covidien disbursed $0.225 per share.

Since November 2010, the company has lifted its dividend after every four quarters. Its distribution has grown from $0.16 per share to the present level.

The just-declared dividend annualizes to $1.04 per share. That yields 1.7% at Covidien's most recent closing stock price of $60.46.

Fool contributor Eric Volkman has no position in Covidien. The Motley Fool recommends Covidien. 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.