Medtronic (MDT) announced a 9.33% increase in the company's quarterly dividend. The new quarterly dividend increases to 20.5 cents per share versus 18.75 cents per share in the same quarter last year. The payout ratio increases slightly to 26% based on estimated April 2010 fiscal year end earnings of $3.13. The company's 5-year average payout ratio is approximately 24%. The company maintains an S&P Earnings & Dividend Quality Ranking of A-.