FRANKLIN LAKES, N.J. (AP) -- Medical products maker Becton Dickinson and Co. said Tuesday its board of directors approved a 12.1 percent boost to its quarterly dividend.

The move increases the quarterly dividend to 37 cents from 33 cents. It is payable Jan. 4 to shareholders of record as of Dec. 14.

At the current rate, the company said the annual dividend for fiscal 2010 would be $1.48.

Meanwhile, the board also approved the buyback of an additional 10 million shares of common stock on top of the remaining 7.6 million shares remaining from a prior buyback program announced in September. The company had about 237 million shares of common stock outstanding as of Sept. 30.

Shares of Becton Dickinson closed at $75.25 Monday.