Walgreens Hikes Quarterly Dividend 18.4 percent

July 9, 2008 5:48 p.m. EST

Deerfield, Ill (AHN) - Walgreen Co. announced Wednesday that its board of directors approved an 18.4 percent increase to the quarterly dividend, raising it from 9.5 cents to 11.25 cents a share.

The dividend is payable Sept. 12 to shareholders of record on Aug. 20.

The increase now puts annual dividends at 45 cents a share.

The drugstore chain has raised its dividend 34 straight years. The company has paid a dividend in 303 straight quarters.

Walgreens is the nation's largest drugstore chain, operating 6,297 drugstores.