WOONSOCKET, R.I., Jan. 12 /PRNewswire-FirstCall/ -- CVS Caremark Corporation (NYSE: CVS) today announced that its Board of Directors has approved an increase in its quarterly dividend of approximately 15%, to 8.75 cents per share on the Common Stock of the Corporation, payable February 2, 2010 to holders of record on January 22, 2010. This increase translates into an annual rate of 35 cents per share, up 4.5 cents per share from the previous rate of 30.5 cents.
"An annual review of our dividend is an essential component of our company's capital allocation strategy, and I'm pleased to note that this marks our seventh consecutive year of dividend increases," stated Dave Denton, Executive Vice President and Chief Financial Officer. "This considerable increase reflects our continued strong financial performance, our optimism with respect to future growth and our significant cash generation capabilities. It also reflects our ongoing commitment to enhancing total returns for our shareholders."
About the Company
CVS Caremark is the largest provider of prescriptions in the nation. The Company fills or manages more than 1 billion prescriptions annually. Through its unmatched breadth of service offerings, CVS Caremark is transforming the delivery of health care services in the U.S. The Company is uniquely positioned to effectively manage costs and improve health care outcomes through its more than 7,000 CVS/pharmacy and Longs Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit management, mail order and specialty pharmacy); its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investors section of the Company's website, at cvscaremark.com, as well as through the Newsroom section of the Company's website, at cvscaremark.com/newsroom.
SOURCE CVS Caremark Corporation