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Baxter boosts quarterly dividend by 11%

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BaxterBaxter (NYSE:BAX) announced today that it increased its quarterly cash dividend by 11% to a rate of 24.5¢ per share of its common stock.

The Deerfield, Ill.-based company’s previous quarterly dividend sat at a rate of 22¢ per share. Baxter’s board of directors declared the new dividend rate payable on July 1, 2020, to stockholders of record as of June 5, 2020. The indicated annual dividend rate is set at 98¢ per share of common stock.

“Baxter’s disciplined capital allocation strategy is focused on driving innovation and increased access for patients, growth for the business, and enhanced value for our investors,” Baxter chairman & CEO José Almeida said in a news release. “The company’s ongoing transformation has strengthened our financial position and allowed us to annually increase our quarterly dividend rate for the fifth straight year.”

Last week, Baxter shares ticked up after the company reported first-quarter results that topped the consensus forecast. The company announced earlier this month that it’s hiring thousands of additional employees to boost its COVID-19 product supply, while last week the FDA granted emergency use authorization for its Oxiris blood purification filter in COVID-19 patients.

Shares of BAX were up 2.4% at $89.39 per share in mid-afternoon trading today.

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