Why Bristol-Myers Squibb Shares Are Rising Today

Bristol-Myers Squibb Co BMY is trading higher Monday after the company announced an additional $15 billion buyback and raised its quarterly dividend.

Bristol-Myers authorized the repurchase of an additional $15 billion of the company’s common stock. With this increase, the company’s total outstanding share repurchase authorization is approximately $15.2 billion. Management can execute repurchases at its discretion.

The company declared a quarterly dividend of 54 cents per share, representing a 10.20% increase year-over-year. This marks the 13th consecutive fiscal year that Bristol-Myers has increased its dividend.

"The company’s financial position is strong, and we remain committed to a consistent, balanced capital allocation strategy," said Giovanni Caforio, board chair and CEO of Bristol-Myers.

See Also: Where Bristol-Myers Squibb Stands With Analysts

Bristol-Myers discovers, develops and markets drugs for various therapeutic areas, such as cardiovascular, oncology and immune disorders.

BMY Price Action: Bristol-Myers has traded as high as $69.75 and as low as $53.22 over a 52-week period.

The stock was up 4.07% at $58.66 at time of publication.

Photo: A 4 from Flickr.