Tobacco giant Philip Morris International Inc. (PM) on Tuesday boosted its quarterly dividend payout by 7.4%.
The new dividend payout is 58 cents per share quarterly, compared with a prior payout of 54 cents. The company said that the dividend is payable Oct. 9 to shareholders of record as of Sept. 28.
Philip Morris shares fell 60 cents, or -1.3%, in morning trading Tuesday.
The Bottom Line
We had added PM to our ''Recommended'' list back on Mar.12, when the stock was trading at $33.65. The company will now have a dividend yield of 4.87%, based on last night's closing stock price of $47.66.
Philip Morris International Inc. (PM) is a ''highly recommended'' stock, holding a Dividend.com DARS Rating of 3.9 out of 5 stars.
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