Baxter Increases Quarterly Dividend By 13%

Baxter International Inc. BAX disclosed that its Board has declared a 13 percent increase in its quarterly dividend rate to $0.13 per share from the previous rate of $0.115 per share. According to the company, the dividend would be payable on July 1 to its eligible stockholders. The company fixed record date of June 3 to determine the eligible shareholders.

Commenting on the dividend increase, Baxter Chairman and CEO, Jose Almeida, said, ''Our capital allocation strategy balances reinvestment in the business to deliver sustainable growth along with returning value to our stockholders. This new rate supports this objective and is aligned with our targeted dividend payout ratio of approximately 35 percent of adjusted net income.''

The company also indicated it would be hosting an investor conference on May 9 in New York City. The investor conference would feature an innovation hall displaying product and therapy advancements from Baxter's pipeline commencing from 11:00 a.m. EDT and presentations by members of the Baxter executive team will commence at 1:00 p.m. EDT.

Baxter said a live webcast and replay of its investor conference, along with the accompanying slides, could be accessed from its website at www.baxter.com beginning May 9.

Shares of the company traded 0.38 percent down on Tuesday.