Baxter International (BAX) will raise its quarterly dividend by 11.4 percent  $0.245 per share in 2020. This follows a 15.8 percent dividend hike by Baxter last year and marks the 5th consecutive year of dividend increases by the hospital products company.

The next dividend will be payable on July 1, 2020, to stockholders of record as of June 5, 2020. The new indicated annual dividend rate of 98 cents per share yields 1.1% at a stock price of $88.

“Baxter’s disciplined capital allocation strategy is focused on driving innovation and increased access for patients, growth for the business, and enhanced value for our investors,” said José (Joe) E. Almeida, chairman and chief executive officer in the company's press release today announcing this dividend hike. “The company’s ongoing transformation has strengthened our financial position and allowed us to annually increase our quarterly dividend rate for the fifth straight year.”

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. The company's history dates back to 1931 when Drs. Ralph Falk and Don Baxter launched the Don Baxter Intravenous Products Corporation, the first commercial manufacturer of prepared IV solutions. Baxter has paid a dividend every year since at least 1982.