By Ben Glickman

Bristol Myers Squibb on Wednesday raised its quarterly dividend 5.3%, which the company said represented its 15th consecutive year raising its payout.

The Princeton, N.J.-based biopharmaceutical company said it was raising its dividend on common stock to 60 cents from 57 cents.

The payout, equal to $2.40 a year, represents an annual yield of 4.8% based on the Wednesday closing price of $49.88.

The company also declared a quarterly dividend of 50 cents per share on the company's $2 convertible preferred stock.

Bristol Myers Squibb last lifted its payout on common stock in December 2022, when it raised the dividend to 57 cents from 54 cents.

Write to Ben Glickman at

(END) Dow Jones Newswires

12-06-23 1652ET