Pfizer declares 24-cent dividend

NEW YORK, Oct. 26 (UPI) -- U.S. drug giant Pfizer said Thursday it has decided to increase its stock dividend for 2006 to 24 cents.

Pfizer's board of directors approved the dividend increase for the fourth quarter, payable Dec. 5.

The company said the 24-cent dividend will apply to the first, second, third and fourth quarters of 2006 and is part of its effort to enhance shareholder value.

Pfizer shares were down $0.01 to $27.42 in early trade Thursday on the New York Stock Exchange.