Baxter International (BAX) will raise its quarterly dividend by 15.8 percent to $0.22 per share in 2019. This marks the 4th consecutive year of dividend increases by the hospital products company.

The next dividend payable on July 1, 2019, to stockholders of record as of June 7, 2019. The indicated annual dividend rate of $0.88 per share yields 1.2% at a stock price of $76.00.

“Baxter’s increased dividend reflects the ongoing impact of our business transformation, which is strengthening our financial position as we pursue our mission to save and sustain lives,” said José (Joe) E. Almeida, chairman and chief executive officer. “Our disciplined capital allocation strategy remains focused on driving innovation for patients, growth for the business and greater value for our investors.”

Baxter International Inc. provides a broad portfolio of essential renal and hospital products, including home, acute and in-center dialysis, sterile IV solutions, infusion systems and devices, parenteral nutrition, biosurgery products and anesthetics, and pharmacy automation, software and services.