Philip Morris Lifts Quarterly Dividend by 13 Cents

By FOXBusiness

Cigarette maker Philip Morris (NYSE:PM) on Wednesday raised its regular quarterly dividend by 20.3% to an annualized rate of $3.08 a share.

The New York-based maker of Marlboro tobacco products said it would offer a dividend of 77 cents a share, up from 64 cents, payable on Oct. 11 to shareholders of record on Sept. 27.

Continue Reading Below

Shares of Philip Morris climbed nearly 3% in morning trade to around $67.87.

On Tuesday, the company said that former CEO of Gucci, Robert Polet, is joining its board of directors, bringing total board members to 11.

What do you think?

Click the button below to comment on this article.