Philip Morris raises its quarterly dividend by 8.8%

Philip Morris ($PM) International’s board increased the quarterly dividend to $1.60 per share from $1.47, an 8.8% rise. The new rate implies an annualized payment of $6.40 per share. The dividend is payable on October 26 to shareholders of record on October 2, with the ex-dividend date also set for October 2.

The company said it has raised the dividend every year since becoming a public company in 2008. The latest increase represents a change in the recurring cash distribution, rather than a special one-off payment or a new repurchase authorization. The annualized figure assumes the quarterly rate continues; future declarations remain subject to board decisions. No new operating-results or sales-guidance update accompanied the dividend announcement.

Sources:

• Philip Morris International — dividend declaration, Business Wire