Psychemedics Corporation (PMD), the world’s largest provider of hair testing for drugs of abuse, will boost its dividend by 40 percent to 7 cents quarterly in 2022. The increased PMD dividend will be paid on June 24, 2022, to shareholders of record as of May 27, 2022.
Based on the strengthening fundamentals and revenue growth, the Board made the decision to initiate an increase in return to shareholders in the form of an increased cash dividend of $0.07 per share of outstanding common stock. The dividend yield for PMD is 4.6% at a stock price of $6.10.
Psychemedics Corporation is the world’s largest provider of hair testing for the detection of drugs of abuse. The Company’s patented process is used by thousands of U.S. and international clients, including over 10% of the Fortune 500 companies, for pre-employment and random drug testing. Major police departments, Federal Reserve Banks, schools, and other public entities also rely on our unique patented drug testing process. We strongly believe our drug testing method to be superior to any other product currently in use, including traditional urine testing and other hair testing methods.