Eli Lilly and Co. increased its quarterly dividend rate to 74 cents per share for the first quarter of 2020.

The new dividend is 15% higher from the company's previous dividend of 64.50 cents per share.

Lilly will make the next quarterly dividend payment on March 10, 2020, to shareholders of record as of Feb. 14, 2020.

Based on this dividend, the annual rate will increase to $2.96, Lilly noted in its Dec. 16 press release.