By Colin Kellaher

Medtronic PLC on Thursday said its board raised the quarterly dividend by 7.4% to 58 cents from 54 cents.

The new payout, equal to $2.32 a year, represents an annual yield of about 2.37% based on Wednesday's closing price of $98.08, up from about 2.2%.

The Dublin-based medical-technology company said the increased dividend is payable July 17 to shareholders of record June 26.

Write to Colin Kellaher at colin.kellaher@wsj.com