NEW YORK ( TheStreet) -- A growing number of companies have upped their dividends this year, but the following also have upside, based on analysts' target prices. Oracle ( ORCL), Newmont Mining ( NEM), Dow Chemical Company ( DOW) and Airgas ( ARG) are among those who have raised their annualized dividend payout between 15% and 67%.During the first quarter of 2011, 510 companies increased their dividends, up 27.8% from 399 companies in the year-ago quarter. In fact, of the 7,000 listed companies that divulge dividend information, only 30 lowered their dividend payment during the first quarter of 2011 vs. 48 in first-quarter 2010. The following nine stocks have attractive potential upsides, according to analysts. They are stacked in terms of percentage increase in dividend payout, great to greatest. 9. International Business Machines ( IBM) is an information technology company operating in five segments: global technology services, global business services, software, systems and technology, and global financing. During first-quarter 2011, total revenue increased 7.7% to $24.6 billion from $22.8 billion. Net income stood at $2.9 billion, or $2.31 per share, growing 10.1% year-over-year from $2.6 billion, or $1.97 per share in the comparative quarter. The company's board recently approved a quarterly dividend of 75 cents per common share, payable on June 10, 2011 to stockholders of record on May 10, 2011. The dividend declaration represents an increase of 10 cents and is 15% higher than the prior quarterly dividend of 65 cents per common share. The company currently has a dividend yield of 1.59%. Of the 30 analysts covering the stock, 60% rate it a buy, while the remaining suggest it as a hold. There are no sell ratings on the stock. On average, analysts estimate an increase from current levels of 5.3% to $179.5. The stock currently trades at a P/E of 14.3.