WOONSOCKET – CVS Corp. today announced that its board of directors has approved a roughly 26-percent increase in the company’s quarterly dividend, to 4.875 cents per share of the corporation’s common stock, payable Feb. 2 to holders of record on Jan. 22.
That translates into an annual rate of 19.5 cents per share, a 4-cent increase from the previous rate of 15.5 cents per year.
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“We have elected to increase our dividend, for the fourth consecutive year,” said Dave Rickard, executive vice president, chief financial officer and chief administrative officer. “This is a record dividend increase, and reflects our expectations for continued strong financial performance and our goal of increasing total return to our shareholders.”
CVS Corp. (NYSE: CVS) operates about 6,200 retail and specialty pharmacies in 43 states and the District of Columbia. Besides its CVS/pharmacy stores and CVS.com online pharmacy, it includes the retail-based health clinic firm MinuteClinic and pharmacy benefit management (PBM), mail order and specialty pharmacy firm PharmaCare. It is seeking to complete its proposed merger with Nashville-based Caremark Rx Inc. (NYSE: CMX), by the end of the current quarter, despite a hostile competing bid from PBM firm Express Script. Additional information is available at investor.cvs.com.
