The company also raised its dividend in the second quarter of 2020. P&G has raised its dividend for 65 straight years, and has paid a dividend for the past 131 consecutive years.

While many companies had to temporarily cut or suspend their dividends last year, in the wake of the uncertainty around Covid-19, P&G was a beneficiary of the pandemic.

The dividend increase comes after a string of upbeat quarters for the company, which saw consumers clamoring for its brand name products, especially home care banners including Mr. Clean, Microban, and Bounty paper towels, throughout 2020.

Still, some consumer staples stocks have struggled recently, given increasing input costs, as well as rising interest rates that make their high dividends less attractive to some investors, and worries about ongoing momentum as the pandemic fades.

P&G previously said it plans to repurchase as much as $10 billion of shares in fiscal 2021.

P&G stock is up 0.4% to $135.70 in recent trading. The shares have fallen nearly 3% year to date, although they’re up 11.5% over the latest 12 months.

Write to Teresa Rivas at teresa.rivas@barrons.com