Pfizer’s (NYSE:PFE) board of directors approved an 8% increase in the drug maker’s quarterly dividend, the company announced on Monday.
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Pfizer raised its dividend for the first quarter of 2014 to 26 cents, up from 24 cents. The dividend will be payable on Mar. 4 to shareholders of record on Feb. 7.
“The dividend increase is a testament to our continued commitment to returning capital to shareholders and our confidence in the business,” chairman and CEO Ian Read said in a statement.
In October, Pfizer reported a 19% drop in its third-quarter profit amid weaker sales across most of the company’s businesses.
Shares ticked a penny higher to $30.26 in late morning trading.