Today, Johnson & Johnson (JNJ) announced the company is raising the quarterly dividend 10.84%. The new quarterly dividend equals 46 cents per share versus 41.5 cents per share in the same quarter last year. The company's 5-year dividend growth rate is approximately 10%. The payout ratio will equal 41% based on 2008 estimated earnings of $4.45. The earnings estimate was raised by the company in its recent quarterly earnings release to a range of $4.40-$4.45. The 5-year average payout ratio totals approximately 40%. The company has an S&P Quality Ranking of A+.