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Philip Morris International Raises Dividend 10.6%

By Patrick Morris - Sep 11, 2013 at 2:00PM

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Cigarette manufacturer Philip Morris announced today it will be raising its yearly dividend to $3.76 per share.

Today, the Board of Directors at Philip Morris International (PM -0.23%) 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.

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TMFMorris has no position in any stocks mentioned. The Motley Fool owns shares of Philip Morris International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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