The Top Dividend Stocks of the Week

Updated from 6:19 a.m. EST

Several major companies in varied industries raised their dividends last week, proving that there are high-yield gems in this recent financial turmoil. Half a dozen companies increased their dividend payments by 10% or more, with three of those companies bumping up their payouts by more than 35%.

To help sort through these stock ideas, Stockpickr has put together a list of the Top Dividend-Raisers for the Week Ending Feb. 23.

At the top of the list is CNH Global (CNH Quote), a Dutch manufacturer of agricultural and construction equipment. The company's board last week recommended doubling its annual dividend payment from 25 cents to 50 cents a share. If approved, the move would be the first such dividend increase in five years. The stock has a price-to-earnings (P/E) ratio of 22 with a yield of 0.5%.

CNH shares are owned by Franklin Balance Sheet Investment Fund, a five-star Morningstar-rated fund managed by Bruce Baughman. The fund also holds Prudential Financial (PRU Quote), which yields 1.6%, Corn Products International (CPO Quote), which pays 1.2%, and Reliance Steel & Aluminum (RS Quote), which pays a yield of 0.6%.

Another dividend-raiser last week was beverage maker Coca-Cola (KO Quote), which increased its quarterly payment by 12% to 38 cents a share. The new payment works out to $1.52 a share on an annualized basis. Coca-Cola stock has a P/E of 23 and yields 2.6%.

Coca-Cola is one of Warren Buffett's favorite stocks. His Berkshire Hathaway owns several other dividend-paying stocks, including Wells Fargo (WFC Quote), which pays 4%, American Express (AXP Quote), paying 1.6%, and Procter & Gamble (PG Quote), which yields 2.1%.

Kimberly-Clark (KMB Quote) also raised its dividend last week. The Kleenex company increased its quarterly payment 9.4% to 58 cents a share. Last week, the company reaffirmed its 2008 profit guidance, forecasting net income between $4.45 and $4.60 per share. The stock has a P/E of 16 and yields 3.3%.

Kimberly-Clark also shows up in the portfolio of Renaissance Technologies, a New York-based hedge fund whose Medallion Fund has generated an average annual return of about 38% since 1989. Renaissance also invests in Johnson & Johnson (JNJ Quote), which yields 2.6%, Lockheed Martin (LMT Quote), with a 1.6% yield, and Nokia (NOK Quote), which pays a yield of 2.2%.

For more stocks that raised their dividends last week, check out theTop Dividend-Raisers for the Week Ending Feb. 23 at Stockpickr.com.