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CVS Caremark boosts dividend to 16.25 cents

WOONSOCKET, R.I. (AP) -- Drugstore chain and pharmacy benefits management company CVS Caremark Corp. said Wednesday its board has approved raising its quarterly dividend by 30 percent to 16.25 cents.

CVS Caremark's next dividend is payable May 3 to shareholders of record on April 23. The company announced in December that it would raise its dividend to 16.25 cents from 12.5 cents.

Its shares rose 3 cents to $44.82 in afternoon trading on Wednesday. Its shares are near the upper end of their 52-week range of $31.30 to $45.39.