Hewlett-Packard (NYSE:HPQ) is increasing the company's quarterly dividend payment by 10%, to $0.1452 per share.

An effective date hadn't been set as of this writing, but the company said in a press release today that HP's board is expected to declare its next dividend in May. This marks HP's third consecutive year of dividend increases.

The previously announced dividend of $0.132 will be payable April 3.

Peers IBM and Oracle pay dividends yielding 1.60% and 0.70%, respectively, at current prices. By contrast, HP yields 2.56%, assuming $0.58 paid per share, per year.

link

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He owned shares of IBM at the time of publication. Check out Tim's web home and portfolio holdings or connect with him on Google+Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

The Motley Fool owns shares of Oracle and International Business Machines. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.