Last month, we told that you consumer products giant Kimberly Clark (NYSE: KMB), the maker of Huggies diapers and Kleenex tissues, looked like a strong candidate for a dividend increase.

Of course, we have to admit we were passing along news that the company itself said it would likely raise its dividend in a meaningful way this year.

Well, the Dallas-based company has made on its promise to shareholders by announcing a 10% dividend hike to its quarterly dividend. That takes the payout to 66 cents a share per quarter, up from 60 cents.

With annual dividend of $2.40 a share, Kimberly Clark was already yielding a decent 4%, but based on Tuesday's closing price, the shares would yield almost 4.4% when factoring in the new dividend.

And we cannot forget to mention that this is the 38th consecutive year that Kimberly Clark has raised its dividend.

For some icing on the cake, as we noted last month, Kimberly Clark also plans to repurchase $500 to $600 million of its own stock this year.