Garmin raises dividend to boost yield to nearly 3%

Garmin Ltd. said Friday that is shareholders have approved an annual dividend of $2.92 a share, up 9% from the previous dividend of $2.68 a share. The Switzerland-based navigation, communications and information devices maker said receiving shareholder approval for dividends is in accordance with Swiss corporate law. Based on current stock prices, the new annual dividend rate implies a dividend yield of 2.94%, which compares with the implied yield for the S&P 500 of 1.65%. The dividend will be paid out in four quarterly installments of 73 cents a share, with the first installment payable June 30 to shareholders of record on June 20. Garmin’s stock fell 2.4% in morning trading, but outperformed the S&P 500, which fell 2.7%.

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