Walgreens Increases Dividend 22.2%

The board of directors of Walgreen Co.

today announced an increase in the quarterly dividend of 22.2 percent to 27.5 cents per share from the previous rate of 22.5 cents per share. The dividend declared by the board is payable Sept. 12, 2012, to shareholders of record Aug. 17, 2012. The increase raises the annual dividend rate from 90 cents per share to $1.10 per share. “We are increasing our dividend in line with our commitment to return cash to shareholders and consistent with our previously stated goal of a long-term dividend payout target of 30 to 35 percent of net earnings,” said Walgreens President and CEO Greg Wasson. Walgreens has paid a dividend in 319 straight quarters (more than 79 years) and has now increased its dividend for 37 consecutive years. Over the past five years, Walgreens annual dividend rate has increased from 38 cents per share to $1.10 per share, resulting in a compound annual growth rate of nearly 24 percent.