If you're looking for dividend income from your stocks, you've probably already invested in -- or at least heard of -- Microsoft (NASDAQ:MSFT), McDonald's (NYSE:MCD), or Yum! Brands (NYSE:YUM) as good options for your money. All three have consistently paid out nice dividends for years.

But each of these three companies' dividends are about to get a bit tastier. Based on the timing of their annual dividend increases last year, all three companies are likely about to announce a dividend increase. Here's a look at each company's payout today -- and what to expect from their upcoming dividend increases.

Sketch of a bar chart highlighting growth

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Microsoft

Company

Dividend Yield

Last Dividend Increase Announcement

Last Dividend Increase Rate

Microsoft

2.1%

Sept. 20, 2016 

8%

Microsoft is perhaps the most well-rounded dividend stocks of these three companies, offering a good mix of dividend history, yield, and growth potential.

The company's current dividend yield of 2.1% is slightly higher than the average dividend yield of stocks in the S&P 500 of about 2%. Yet despite its already meaningful dividend yield, it is likely to increase nicely in the coming years. This is evidenced by both Microsoft's solid 8% dividend hike last year and its payout ratio of about 48%, which leaves plenty of wiggle room for increases or for the dividend to be sustained if earnings take a hit. 

Microsoft has increased its dividend for 13 years straight, and the software giant looks well positioned this year to increase its dividend at a rate similar to last year.

Yum! Brands

Company

Dividend Yield

Last Dividend Increase Announcement

Last Dividend Increase Rate

Yum! Brands

1.6%

Sept. 26, 2016 

11%

Yum! Brands has the lowest dividend yield of these three companies, but that doesn't mean income investors should pass up on this stock. Its dividend's growth prospects look the most promising.

The company has increased its dividend for eight years straight, and it has maintained a handsome average increase of about 11% during the past three years. Furthermore, Yum! maintained this nice dividend increase rate last year, when it increased its dividend by 11%.

Looking ahead, Yum! Brands' low payout ratio of about 43% combined with the company's recent consistent and solid dividend increases make another double-digit dividend increase likely this year.

McDonald's

Company

Dividend Yield

Last Dividend Increase Announcement

Last Dividend Increase Rate

McDonald's

2.4%

Sept. 29, 2016 

6%

McDonald's dividend increases in the coming years may not be able to keep up with Microsoft or Yum! Brands, but where the company shines as a dividend stock is its fat dividend yield. The stock boasts a higher dividend yield than most stocks in the S&P 500, at 2.4%.

But investors shouldn't count out McDonald's when it comes to growth. Last year, McDonald's increased its dividend by 6%. The company has also increased its dividend every year since it first started paying dividends in 1976. In addition, while McDonald's payout ratio of 58% leaves less room for increases, it is still low enough for investors to expect dividend hikes like its 6% jump last year in the coming years.

Keep an eye out for dividend increase announcements from all three of these companies in the coming days and weeks.

Teresa Kersten is an employee of LinkedIn and is a member of The Motley Fool's board of directors. LinkedIn is owned by Microsoft. Daniel Sparks has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.