Costco Wholesale (NASDAQ:COST) might be a bargain shopping destination, but the company is going to open its wallet a bit wider for its upcoming dividend. It's announced a new distribution of $0.31 per share of its common stock, which will be handed out on May 31 to shareholders of record as of May 17. That amount is nearly 13% higher than the firm's previous regular quarterly payout of $0.275 per share dispensed in February.

Prior to that, Costco paid $0.24 per share. It also distributed a special dividend of $7.00 in December.

The new payout annualizes to $1.24 per share. That yields 1.1% at Costco's current stock price of $108.43.