Today, the Board of Directors at Philip Morris International (PM -0.14%) announced they approved the company's raising its quarterly dividend to $0.94 per share, an increase of 10.6% over the previous $0.85 per share. This will bring its annualized dividend to $3.76 per share.

This action would result in an annualized dividend yield of 4.3% based on the market price of $86.23 per share at the time of writing. This marks the fourth September in a row where the company has raised its quarterly dividend by more than 10%, as it raised the quarterly dividend by 10.4% last September, 20.3% in 2011, and by 10.3% in 2010. The last year it did not meet the 10% threshold was 2009, when it raised its dividend by 7.4%.

The dividend will be payable on Oct. 11 to all stockholders as of Sept. 26.

Philip Morris International is a tobacco company that holds 16% of the total cigarette market outside of the U.S., and represents seven of the top 15 cigarette brands in the world, including Marlboro.