Covidien plc (NYSE: COV) today announced that its Board of Directors has declared a 12.5% increase in the quarterly dividend rate, from $0.16 per ordinary share to $0.18 per ordinary share.
“Given our good operational performance thus far in 2009, our strong cash flow, and the further growth we expect in 2010, the Board has voted to increase the dividend,” said Richard J. Meelia, Chairman, President and CEO.
At the new rate, the annual dividend is $0.72 per ordinary share compared to the previous rate of $0.64 per ordinary share. The next quarterly dividend is payable on November 6, 2009, to shareholders of record on October 6, 2009.