Baxter International Inc. said Tuesday that it increased its stock repurchase program by $1.5 billion, but kept its quarterly dividend unchanged at 13 cents a share. The health care company said the share repurchase program, which was originally approved in July 2012, is now at $1.9 billion. The company said the next dividend will be payable Jan. 3 to shareholders of record on Dec. 2. Based on the stock’s closing price of $47.62, the annual dividend of 52 cents implies a dividend yield of 1.09%, while the aggregate S&P 500 dividend yield is 2.18%, according to FactSet. “These actions reflect our commitment to returning meaningful value to shareholders while also balancing reinvestment in the business to drive long-term, sustainable growth,” said Chief Financial Officer Jay Saccaro. The stock, which edged up 0.4% in premarket trade, has soared 25% year to date through Monday, while the SPDR Health Care Select Sector ETF has lost 5.3% and the S&P 500 has gained 4.3%.
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