The board of directors of Colgate-Palmolive (NYSE:CL), one of the stock market's sturdiest dividend payers, has declared its latest quarterly shareholder distribution. The company announced it will hand out $0.44 per share on Aug. 14 to stockholders of record as of July 20. At the most recent closing share price, this yields just over 2.4%.

Colgate-Palmolive is one of the market's few Dividend Aristocrats (S&P 500 stocks that have raised their dividends at least once annually for a minimum of 25 years running). It is near the top of that list, having enacted raises for 57 years and counting. It should be noted, however, that this latest payout does not represent a raise over the previous amount; Colgate-Palmolive's latest lift was declared in March.

Before that, the company had been an extremely dependable dividend payer, if not necessarily a raiser. It is quick to point out that it has dispensed such payouts since 1895.

A selection of Colgate-Palmolive's Softsoap products.

Image source: Colgate-Palmolive.

Backed by a large portfolio consisting of many familiar consumer goods products, Colgate-Palmolive produces consistent profitability and robust cash flow -- two elements that strongly support the dividend. Both metrics have been advancing at encouraging rates lately; in Q1, for example, both GAAP net profit and free cash flow rose by 28% on a year-over-year basis to $715 million, on the back of a 5.5% climb in net sales.

Although the company continues to make its shareholders incrementally richer, its stock traded down marginally on Friday. It fell by 0.4% on the day, in contrast to the gains recorded by the broader equities market.