A growing dividend is a sign that the company is becoming more valuable. Companies that consistently increase dividends tend to have steadily rising share prices. Listed below are several companies compounding their shareholder's wealth with increased cash dividends.

Dividend growth investing is a long-term strategy. A growing dividend is a sign that the company is becoming more valuable. Companies that consistently increase dividends tend to have steadily rising share prices and the best way to benefit from this is to buy and hold the stocks. Diversification and a focus on blue-chip stocks provides insurance for the few companies that don't pan out.

Here are several companies compounding their shareholders' wealth with increased cash dividends:

Best Buy Co., Inc. (NYSE:BBY) operates as a retailer of technology products, services, and solutions in the United States and internationally. On February 25 the company increased its quarterly dividend 22% to $0.28 per share. The dividend is payable April 7, 2016 to stockholders of record on March 17, 2016, with an ex-dividend date of March 15, 2016. The yield based on the new payout is 3.6%.

The Toronto-Dominion Bank (NYSE:TD) provides various banking products and financial services worldwide. On February 25 the company increased its quarterly dividend 7.8% to C$0.55 per share. The dividend is payable April 30, 2016 to stockholders of record on April 8, 2016, with an ex-dividend date of April 6, 2016. The yield based on the new payout is 4.3%.

Kohl's Corporation (NYSE:KSS) operates department stores in the United States. On February 25 the company increased its quarterly dividend 11% to $0.50 per share. The dividend is payable March 23, 2016 to stockholders of record on March 9, 2016, with an ex-dividend date of March 7, 2016. The yield based on the new payout is 4.3%.

Domino's Pizza, Inc. (NYSE:DPZ) operates as a pizza delivery company in the United States and internationally. On February 25 the company increased its quarterly dividend 23% to $0.38 per share. The dividend is payable March 30, 2016 to stockholders of record on March 15, 2016, with an ex-dividend date of March 11, 2016. The yield based on the new payout is 1.3%.

Royal Bank of Canada (NYSE:RY) operates as a diversified financial service company worldwide. On February 24 the company increased its quarterly dividend 2.5% to C$0.81 per share. The dividend is payable May 24, 2016 to stockholders of record on April 25, 2016, with an ex-dividend date of April 21, 2016. The yield based on the new payout is 4.6%.

Eaton Corporation plc (NYSE:ETN) operates as a power management company worldwide. On February 24 the company increased its quarterly dividend 4% to $0.57 per share. The dividend is payable March 18, 2016 to stockholders of record on March 7, 2016, with an ex-dividend date of March 3, 2016. The yield based on the new payout is 4.0%.

Sturm, Ruger & Company, Inc. (NYSE:RGR) designs, manufactures, and sells firearms under the Ruger trademark in the United States. On February 24 the company increased its quarterly dividend 40% to $0.35 per share. The dividend is payable March 25, 2016 to stockholders of record on March 11, 2016, with an ex-dividend date of March 9, 2016. The yield based on the new payout is 2.2%.

The Home Depot, Inc. (NYSE:HD) operates as a home improvement retailer. On February 23 the company increased its quarterly dividend 16.9% to $0.69 per share. The dividend is payable March 24, 2016 to stockholders of record on March 10, 2016, with an ex-dividend date of March 8, 2016. The yield based on the new payout is 2.3%.

GameStop Corp. (NYSE:GME) operates as a multichannel video game retailer. On February 23 the company increased its quarterly dividend 2.8% to $0.37 per share. The dividend is payable March 22, 2016 to stockholders of record on March 8, 2016, with an ex-dividend date of March 4, 2016. The yield based on the new payout is 5.0%.

Dick's Sporting Goods, Inc. (NYSE:DKS) operates as a sporting goods retailer primarily in the eastern United States. On February 23 the company increased its quarterly dividend 10% to $0.15125 per share. The dividend is payable March 31, 2016 to stockholders of record on March 11, 2016, with an ex-dividend date of March 9, 2016. The yield based on the new payout is 1.5%.

Old Republic International Corporation (NYSE:ORI) engages in the insurance underwriting and related services business primarily in the United States and Canada. On February 23 the company increased its quarterly dividend 1.4% to $0.1875 per share. The dividend is payable March 15, 2016 to stockholders of record on March 4, 2016, with an ex-dividend date of March 2, 2016. The yield based on the new payout is 4.2%.

St. Jude Medical, Inc. (NYSE:STJ) develops, manufactures and distributes cardiovascular medical devices for cardiac rhythm management, cardiovascular, and atrial fibrillation therapy areas worldwide. On February 19 the company increased its quarterly dividend 7% to $0.31 per share. The dividend is payable April 29, 2016 to stockholders of record on March 31, 2016, with an ex-dividend date of March 29, 2016. The yield based on the new payout is 2.3%.

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.