Here are a few select companies that have avoided a June freeze by increasing the cash dividends paid to their shareholders:

Duke Energy (DUK) provides service to 3.9 million electric customers in North Carolina, South Carolina, Indiana, Ohio and Kentucky, and 500,000 gas customers in Kentucky and Ohio. June 22nd the company raised its quarterly dividend to $0.245/share. The dividend is payable on September 16, 2010, to shareholders of record at the close of business Aug. 13, 2010. The yield based on the new payout is 6.00%.

Petsmart Inc. (PETM) operates more than 1,100 pet stores in the U.S. and Canada, offering pet food, supplies and services. June 21st the company increased its quarterly dividend 25% to $0.125/share. The dividend is payable on August 13, 2010, to stockholders of record at the close of business on July 30, 2010. The yield based on the new payout is 1.25%.

Darden Restaurants (DRI) operates the Red Lobster, Olive Garden, Bahama Breeze and Seasons 52 chains, as well as the LongHorn Steakhouse and Capital Grille chains, which it acquired in October 2007. June 23rd the company increased its quarterly dividend 28% to $0.32/share. The dividend is payable on August 2, 2010, to stockholders of record at the close of business on July 9, 2010. The yield based on the new payout is 3.22%.

Peoples Financial (PFBX) provides banking services to individuals and small to middle market businesses via its 15 branch offices located in Mississippi. June 23rd the company raised its semiannual dividend 10% $0.11/share. The dividend is payable July 16, 2010, to stockholders of record July 9, 2010. The ex-dividend date is July 7, 2010. The yield based on the new payout is 1.92%.

Best Buy (BBY) is a leading retailer of consumer electronics and entertainment software operates approximately 4,000 stores in the U.S., Canada, China and Europe. June 24th the company increased its quarterly dividend 7% to $0.15/share. The dividend is payable on Oct. 26, 2010, to shareholders of record as of Oct. 5, 2010. The yield based on the new payout is 1.67%.

Medtronic (MDT) is a global medical device manufacturer has leadership positions in the pacemaker, defibrillator, orthopedic, diabetes management and other medical markets. June 24th the company raised its quarterly dividend 9.8% to $0.225/share. The dividend is payable on July 30, 2010, to shareholders of record at the close of business on July 9, 2010. MDT is a Dividend Achiever and has raised its dividend for 33 consecutive years. The yield based on the new payout is 2.41%.

Selecting stocks with increasing dividends is critical for an income growth strategy. The above list contains stocks that recently raised their dividends, it is not a list of recommend buys. As always, due diligence should be performed before buying or selling any stock. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: No position in the aforementioned securities. See a list of all my income holdings here.

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PETM operates more than 1,100 pet stores in the U.S. and Canada, offering pet food, supplies and services. Tuesday the company PETM announced an increase its quarterly dividend of 233% to $0.10/share. In addition, its Board of Directors authorized a $350 million stock purchase plan.  In a statement the company said it plans to continue to grow the business by opening about 40 stores per year for the foreseeable future. At the new rate, the stock is yielding 1.92%.

Below are some other companies rewarding their shareholders with increased cash dividends:

Del Monte Foods (DLM) is one of the largest producers, distributors and marketers of premium quality branded food and pet products for the U.S. retail market. The company also produces, distributes and markets private label food and pet products. Recently, DLM increased its quarterly dividend 25% to $0.05/share.  The dividend is payable on August 6, 2009 to stockholders of record as of the close of business on July 23, 2009.  At the new rate, the stock is yielding 2.22%.

Duke Energy (DUK) provides service to about 3.9 million electric customers in North Carolina, South Carolina, Indiana, Ohio and Kentucky, and 500,000 gas customers in Kentucky and Ohio. Tuesday, the company raised its quarterly dividend 4.3% to $0.24/share. “Despite challenging economic conditions, Duke Energy continues to successfully implement its business strategy. We are pleased to share this success with our investors,” said James E. Rogers, chairman, president and CEO.  At the new rate, the stock is yielding 6.67%.

Darden (DRI) operates the Red Lobster, Olive Garden, Bahama Breeze and Seasons 52 chains, as well as the LongHorn Steakhouse and Capital Grille chains. On June 23rd the company announced a 25% increase in its quarterly dividend to $0.25/share.  At the new rate, the stock is yielding 3.13%.

Hatteras Financial (HTS) is an externally managed mortgage real estate investment trust (REIT) formed to invest in adjustable-rate and hybrid adjustable-rate single-family residential mortgage pass-through securities guaranteed or issued by a U.S. government agency. HTS on Tuesday increased its quarterly dividend by 4.71% to $1.10/share. The dividend will be paid on July 24, 2009, to stockholders of record on July 6, 2009, with an ex-dividend date of July 1, 2009. At the new rate, the stock is yielding 16.52%.

Though it may seem that most companies are cutting their dividends, many continue to show strength and increase their dividends. For stocks with a long string of consecutive dividend increases, see this list.

Full Disclosure: No position in the aforementioned securities. See a list of all my income holdings here.

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