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3/21/2012 4:57 PM ET

Aerospace and defense contractor Raytheon Co. (RTN: Quote) said that its board has voted to increase the company's annual dividend payout rate by 16 percent to $2.00 per share from $1.72.

The company also said that its board authorized payment of a quarterly cash dividend of $0.50 per outstanding share of common stock, to be paid on May 3, 2012, to shareholders of record as of the close of business on April 4, 2012.

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