WOONSOCKET, R.I. CVS Caremark announced on Tuesday that its board of directors has approved an increase in its quarterly dividend of 10.5%.
The increase brings the quarterly dividend to 7.625 cents per share on the common stock of the corporation, payable Feb. 3 to holders of record on Jan. 23, 2009. This increase translates into an annual rate of 30.5 cents per share, up 2.9 cents from the previous rate of 27.6 cents.
“This marks the sixth consecutive year of dividend increases for our company,” said Dave Rickard, EVP, CFO and CAO. “This 10.5% increase is a result of our continued strong financial performance and significant cash generation.”