Here's Why Bristol Myers Squibb Stock Is Heating Up Today

Shares of the pharma giant Bristol Myers Squibb (NYSE: BMY) are up by a healthy 4.77% as of 2:26 p.m. ET Monday. The drugmaker's shares are responding positively to a noteworthy dividend increase and a sizable bump in its share repurchase program announced earlier today. 

Specifically, Bristol's board of directors announced a 10.2% increase in the company's quarterly dividend to $0.54 per share today. On an annualized basis, the pharma titan's yield now stands at an attractive 3.66%. In the same announcement, Bristol also said that it is boosting its share repurchase program by $15 billion. These share repurchases will reportedly take place over a multiyear period at management's discretion.    

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Source Fool.com