Procter & Gamble Co. (PG) Monday raised its quarterly dividend (search) 12 percent, marking the 49th consecutive year the maker of Tide laundry detergent and Old Spice deodorant has increased its payout.

The dividend of 28 cents per share, up from 25 cents, is payable May 16 to shareholders of record April 22, Cincinnati-based P&G said.

Shares of Procter & Gamble, a member of the Dow Jones industrial average, rose $1.18, or 2.17 percent, to $55.68 on the New York Stock Exchange (search).