Wednesday, September 14th the Board of Directors of Philip Morris International Inc. (PM) announced a quarterly dividend increase of from $ 1.25 to $ 1.27 per share that’s payable October 12, 2022 to holders of record September 28, 2022. This represents a 1.60% increase over the last quarterly dividend.
With current price $ 93.83 (today's open), this raise brings their dividend yield to 5.41%.
Philip Morris is a Dividend Contenders with a 15 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 3.0, 3.1, 3.4 and 6.1 (Dividend Champions.xls)
Since I own 85 shares of PM, this will increase my portfolio's projected annual net dividend income by $ 5.07.
The increase was lower than I expected, because I was waiting for it to be around 3%, but an increase is always an increase.
This is the ninth dividend increase I've received from Philip Morris since initiating a position January 2014. During this period, the quarterly dividend has risen by a modest 35% from $0.94 to $1.27.
This increase raises my YOC to 6.07%.
Summary of 2022 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long PM
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