Pfizer Hikes Dividend 8%

Pfizer’s (NYSE:PFE) board of directors approved an 8% increase in the drug maker’s quarterly dividend, the company announced on Monday.

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.