The Procter & Gamble Company PG announced a 1% hike in the quarterly dividend, marking its 60th consecutive year of dividend increase. Last year, the consumer giant offered a 3% dividend hike.The quarterly dividend was raised from 66.29 cents to 66.95 cents per common share. The quarterly dividend will translate into $2.69 annually which will yield 3.2% annually.The new quarterly dividend will be payable on or after May 16, 2016 to common stockholders of record on close of business as on Apr 18.The company has consistently increased its dividends. The maker of Tide and Olay expects total dividend payments to shareholders worth approximately $7.5 billion in fiscal 2016, bringing the total dividend paid over the last decade to nearly $60 billion.Additionally, the company regularly re-purchases shares and bought back shares worth $6 billion each in fiscal 2013 and 2014. In fiscal 2015, the company repurchased $4.6 billion shares and targets $8–$9 billion shares in fiscal 2016, including those exchanged during the Duracell transaction. P&G divested the Duracell batteries business to Berkshire Hathaway, Inc. BRK.B in exchange for Berkshire’s equity stake in P&G. In fact, the company has aggressive plans in place to return up to $70 billion to shareholders, over the next four years.P&G carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks are Church & Dwight Co. Inc. CHD and The Clorox Company CLX, both carrying a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BERKSHIRE HTH-B (BRK.B): Free Stock Analysis Report PROCTER & GAMBL (PG): Free Stock Analysis Report CHURCH & DWIGHT (CHD): Free Stock Analysis Report CLOROX CO (CLX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research