Stryker Corp. /zigman2/quotes/207664662/composite SYK -0.91% said Thursday it will raise its quarterly dividend by 10.3%, to 69.5 cents a share from 63 cents. The medical technology company's new dividend will be payable Jan. 31 to shareholders of record on Dec. 31. The stock was little changed in premarket trading. Based on Wednesday's closing price of $261.28, the new annual dividend implies a dividend yield of 1.06%, compared with the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.89% of 1.31%. "Despite a challenging environment, we continue to deliver strong sales growth and drive solid financial results, and consistent with our stated capital allocation philosophy, we are raising our dividend 10.3%," said Chief Executive Kevin Lobo. The stock has slipped 5.7% over the past three months while the S&P 500 has gained 4.6%.