WOONSOCKET, R.I.--(BUSINESS WIRE)--July 9, 2008--CVS Caremark Corporation (NYSE: CVS) today announced that its Board of Directors has approved an increase in its quarterly dividend of 15%, to 6.9 cents per share on the Common Stock of the Corporation, payable August 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% 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."
About CVS Caremark
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 approximately 6,300 CVS/pharmacy stores; its pharmacy benefit management, mail order and specialty pharmacy division, Caremark Pharmacy Services; its retail-based health clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com. General information about CVS Caremark is available through the Investor Relations portion of the Company's website, at http://investors.cvshealth.com, as well as through the pressroom portion of the Company's website, at https://cvshealth.com/newsroom.
CONTACT: CVS Caremark Corporation
Nancy Christal, 914-722-4704
Senior Vice President Investor Relations
Eileen Howard Dunn, 401-770-4561
Senior Vice President Corporate Communications & Community Relations
SOURCE: CVS Caremark Corporation