Stryker's dividend has increased 13 percent, according to a Nasdaq report.
The board of directors declared a $0.345 quarterly dividend per share, payable on Jan. 30, 2015. The dividend is payable to shareholders of record at the close of business on Dec. 31, 2014.
"Our strong balance sheet and cash flow support another double-digit increase to our dividend rate," said Stryker President and CEO Kevin Lobo. The company's stock price soared last weak ahead of news that the "wait" period under the United Kingdom takeover rules was coming to an end, and the company could then court Smith & Nephew as a possible acquisition.
While no deal has been announced yet, Stryker is now able to discuss a potential acquisition with Smith & Nephew, which would be the third huge consolidation announcement this year in the orthopedic device field. Zimmer acquired Biomet earlier this year, and Medtronic is in the late stages of finalizing a merger with Covidien to create Medtronic Plc.