By Ben Fox Rubin Medical-device maker Medtronic Inc. (MDT) approved a roughly 7.2% increase in its quarterly dividend, joining a list of firms looking to bolster shareholder value with increased payouts. The quarterly dividend was raised to about 26 cents from 24.25 cents, and marked the company's 35th straight year of dividend boosts. The increase should cost the company an additional $1.8 million a quarter. The dividend yield is about 2.8%. Medtronic has been battling sluggish sales in its heart rhythm and spine segments in recent quarters. Last month, the company said its fiscal fourth-quarter earnings rose on fewer changes, but the company continued to face challenges in those two key markets. Shares closed Thursday at $37.80 and were up 10 cents after hours. The stock is down 1.2% so far in 2012. Write to Ben Fox Rubin at ben.rubin@dowjones.com
