Bristol-Myers Lifts Quarterly Dividend by 3%

Bristol-Myers Squibb(BMY) is upping its quarterly dividend by 3% to 34 cents a share starting in in the first quarter of 2012.

The last time the pharmaceutical company increased its dividend was in the first quarter of 2011. That increase was a 3.1% boost to 33 cents per share.

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The move implies an annual payout of $1.36 a share, which is indicative of a forward yield of 4.1% at Tuesday's regular session closing price of $33.13. The dividend is subject to quarterly review by Bristol-Myers board. The higher dividend is slated to be paid on Feb. 1 to shareholders of record on Jan. 6. For comparison, competitor Pfizer(PFE) has an annual dividend of 80 cents a share for a 4% forward yield, while Merck(MRK) currently has a yearly payout of $1.68 a share for a forward yield of 4.7%. --. >To submit a news tip, send an email to: tips@thestreet.com.>To follow the writer on Twitter, go to Alexandra Zendrian.

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