One of the most exciting things about many dividend stocks is that they not only pay regular dividends, but also increase those dividends on a regular basis. Better yet, some dividend stocks deliver rapid growth in their payouts.

Here are two companies -- Stryker (SYK 0.65%) and Intuit (INTU 0.95%) -- that have seen consistent double-digit dividend growth in recent years. For investors looking for sustainable and robust dividend growth in the years to come, medical device company Stryker and financial software-specialist Intuit are great options.

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Image source: Getty Images.


Stryker has seen strong dividend growth in recent years, with its dividend nearly doubling since 2014, rising from a quarterly payout of $0.30 to $0.575  today. The company most recently announced a dividend increase earlier this month.

Stryker said it would boost its dividend by 11%. The improved quarterly dividend translates to $2.30 in dividends paid per share every year, giving Stryker stock a dividend yield of 1.2%.

Stryker's double-digit dividend growth is supported by robust financial results. In the company's most recent quarter, Stryker's revenue rose 10.6% year over year and its non-GAAP (adjusted) earnings per share jumped 13%.

Also boding well for sustained dividend growth is the company's low payout ratio. Stryker is only paying out 42% of its earnings in dividends, leaving plenty of wiggle room for its payout. 


Intuit's dividend is growing even faster. In August, Intuit announced a 13% increase to its dividend. Further, the company's dividend has more than doubled since fiscal 2015, when Intuit's quarterly dividend payment was $0.25. Today, it's $0.53, or $2.12 annually. 

Like Stryker, Intuit has an unimpressive dividend yield, at just 0.8%.

But investors will likely benefit from sustained strong dividend growth for years to come, thanks to the company's healthy financials and impressive business prospects. Intuit's revenue growth has been accelerating recently. In the first quarter of fiscal 2020, the tech company's revenue increased 15% year over year.

This is a meaningful uptick compared to Intuit's 13% revenue growth for the full year of fiscal 2019. Further, the company's non-GAAP earnings per share is soaring, rising 41% year over year in the first quarter of fiscal 2020 and 17% year over year for the full year of fiscal 2019.

Looking ahead, there's potential for more meaningful growth. This is evidenced by the company's 35% year-over-year growth in its small business online ecosystem revenue (sales from online offerings within its small business and self-employed group) in fiscal Q1. Management expects revenue from this promising category to continue growing at rates of 30% or greater for the foreseeable future. As these important cloud-based products become a larger portion of Intuit's total sales, they'll help support growth in Intuit's consolidated business.

Finally, investors should note that Intuit has a particularly impressive payout ratio of just 32%, leaving huge upside for Intuit's dividend growth over the long haul.