Walgreen

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New Dividend: 27.5 cents quarterly (per share)

Dividend Percent Increase: 22.2%

Current Yield: 3.77%

The 22.2% dividend hike over at Walgreen ( WAG) shouldn't have come as a complete surprise -- the stock was one of " 5 Household-Name Stocks Ready to Boost Dividends" that I talked about on Monday, a day before the company announced the move.

Walgreen's payout increase marks the 37th straight year of dividend hikes for the firm, a streak that management is doesn't want to break. That's not to say that WAG has been a great performer this year -- a series of missteps have taken some of the shine off of the pharmacy chain.

That said, investors could do worse searching out high-yield retail names in this market. To see these dividend plays in action, check out the Dividend Stocks for the Week portfolio on Stockpickr. And if you haven't already done so, join Stockpickr today to create your own dividend portfolio.

-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.

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