Updated from 6:59 a.m. EDT

It is incredible that during a week when the market has dropped 3%, many companies continued to increase their dividends. And some of the dividend increases were very substantial, making income investors happy.

Stockpickr reviewed all the companies that declared a dividend last week and compiled a list of the

top dividend-increasers of the week

. We highlight a few here.

One of the stocks with the biggest dividend increase is

Medtronic

(MDT) - Get Report

, the manufacturer of medical devices such as pacemakers and implantable defibrillators. It just boosted its quarterly dividend by 50% to 18.75 cents per share. The company just named William A. Hawkins, the company's chief executive officer, to the additional position of chairman of the board. The stock has a P/E of 26 and a PEG of 1.25, and it pays a yield of 1.5%.

Medtronic is also owned by the

BlackRock Health Sciences Institutional Fund

, which has a Morningstar rating of five stars and is managed by Thomas Callan. The fund has had an average annual return of 22.74% over the last three years. It also owns

Merck

(MRK) - Get Report

, which yields 4.1%;

Becton Dickinson

(BDX) - Get Report

, yielding 1.4%; and

Stryker

(SYK) - Get Report

, yielding 0.5%.

Another big dividend increaser is

CSX

(CSX) - Get Report

, the large North American railroad company, which raised its quarterly dividend by 22% to 22 cents per share. Earnings for its last reported quarter were up 46.3%, on a 12% increase in revenues. Its next earnings call is scheduled for Wednesday, July 16. The stock has a P/E of 19, a PEG of 1.01 and a yield of 1.4%.

CSX is also owned by

Jana Partners

, a San Francisco-based activist fund managed by Barry Rosenstein with $5 billion under management. Its annual return for the years 2003 to 2006 ranged from 12% to 45%. Jana also owns

KBR

(KBR) - Get Report

, which yields 0.6%;

Hess

(HES) - Get Report

, yielding 0.3%; and

Anadarko Petroleum

(APC) - Get Report

, yielding 0.5%.

Best Buy

(BBY) - Get Report

is another stock that bumped up its quarterly dividend, raising it by 8% to 14 cents per share. The company just announced that its chief operating officer of Best Buy International, Kevin Layden, will resign. The stock has a P/E of 12 and a PEG of 0.83, and it yields 1.4%.

Best Buy is owned by the

Jennison 20/20 Focus Fund

, which is rated three stars by Morningstar and is managed by Spiros Segalas. The fund has had an average annual return of 19.3% over the last five years. Jennison also owns

Suncor Energy

(SU), which yields 0.3%, and

Waste Management

(WMI), which yields 2.9%.

For more ideas, including a company that increased its dividend by 929%, check out the

Top Dividend Raisers for the Week

portfolio at Stockpickr.com.

Stockpickr is a wholly owned subsidiary of TheStreet.com.