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Sept. 11, 2019, 6:40 a.m. EDT

Philip Morris raises dividend; yield is more than triple the S&P 500

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By Tomi Kilgore

Philip Morris International Inc. /zigman2/quotes/201611010/composite PM -0.20% said Wednesday it has raised its quarterly dividend to $1.17 a share, up 2.6% from the previous dividend of $1.14 a share. The tobacco company's new dividend will be payable Oct. 11 to shareholders of record on Sept. 25. Based on Tuesday's stock closing price of $74.50, the new annual dividend rate of $4.68 a share implies a dividend yield of 6.28%, which compares with the yield for the SPDR Consumer Discretionary Select Sector ETF /zigman2/quotes/200844504/composite XLY +0.36% of 1.23% and the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48% of 1.97%, according to FactSet. Philip Morris's stock, which is still inactive in premarket trading, has slipped 3.8% over the past 12 months, while the consumer discretionary ETF has gained 5.1% and the S&P 500 has tacked on 3.2%.

/zigman2/quotes/201611010/composite
US : U.S.: NYSE
$ 73.36
-0.15 -0.20%
Volume: 7.20M
May 29, 2020 4:00p
P/E Ratio
14.95
Dividend Yield
6.38%
Market Cap
$114.23 billion
Rev. per Employee
$382,519
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/zigman2/quotes/200844504/composite
US : U.S.: NYSE Arca
$ 124.19
+0.45 +0.36%
Volume: 6.51M
May 29, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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