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.
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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.