Kenvue's board has inched up the quarterly dividend by 1.2%, to 21 cents from 20.75 cents, maintaining the consumer-health company's status as a royal dividend payer.

The dividend increase maintains Kenvue's spot in the S&P 500 Dividend Aristocrats Index, whose 69 members have paid a higher dividend for at least 25 straight years, as well as its place on the smaller list of 58 dividend kings--those which have boosted their dividends annually for at least half a century.

The Summit, N.J., company completed its separation from Johnson & Johnson in 2023 and inherited its former parent's string of dividend increases.

The new quarterly rate, equal to 84 cents a year, represents an annual yield of about 4.27% based on Wednesday morning's trading price of $19.68.

Kenvue said the increased dividend is payable Aug. 26 to shareholders of record Aug. 12.