CVS Caremark increases quarterly dividend

WOONSOCKET, R.I. CVS Caremark’s board of directors has approved an increase in its quarterly dividend of 15 percent, to 6.9 cents per share on the common stock of the corporation, payable Aug. 1, 2008 to holders of record on July 21, 2008.

This increase translates into an annual rate of 27.6 cents per share, up 3.6 cents from the previous rate of 24 cents.

“The board’s decision today to increase the dividend marks the fifth consecutive year of dividend increases for our company,” stated Dave Rickard, executive vice president, chief financial officer and chief administrative officer. “This 15 percent increase reflects our continued strong financial performance and significant cash generation capabilities as well as our ongoing goal of enhancing total returns for our shareholders.”