Baxter International (BAX) will raise its quarterly dividend by 3.6 percent to 29 cents per share in 2022. This marks the 7th consecutive year of dividend increases by the hospital products company.

The next BAX dividend will be payable on July 1, 2022, to stockholders of record as of June 3, 2022. The new indicated annual dividend rate of $1.16 per share yields 1.8% at a stock price of $65. The annual dividend payment by Baxter to shareholders will jump to an estimated $584 million. 

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. The company has paid a dividend every year since at least 1982.