Wednesday, September 13, 2023

Dividend Increase - Philip Morris International Inc. (PM)


Today, September 13th the Board of Directors of Philip Morris International Inc. (PM) announced a quarterly dividend increase of from $1.27 to $1.30 per share that’s payable October 12, 2023 to holders of record September 27, 2023. This represents a 2.36% increase over the last quarterly dividend.

With current price $94.45 (yesterday's close), this raise brings their dividend yield to 5.51%.

Philip Morris is a Dividend Contenders with a 16 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 3.5, 3.0, 3.7 and 4.7 (Dividend Champions.xls)

Since I own 85 shares of PM, this will increase my portfolio's projected annual net dividend income by $7.60.

The increase was lower than I expected, because I expected it to be around 3%, but an increase is always an increase.

This is the tenth 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 38.3% from $0.94 to $1.30.

This increase raises my YOC to 6.1%.

Summary of 2023 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long PM

Thanks for stopping by!


  1. What is your opinion about Altria and PM wrt sustainability of dividends? If my calculations are right both companies now pay more dividends than net earnings. I own both companies but am sceptical that they both pay out too much.

    In terms of holdings I have a significant larger portion in BAT and just looking at todays numbers BAT looks a lot cheaper. In principle same earnings, appr. same revenue but EV/EBIT is 50% of e.g PM. And payout ratio appr 50% of net earnings.


    1. Hi Emigrantinvesteraren, I agree that the dividend payout ratio for MO and PM is high and it is possible that at least MO will have to reduce the dividend in the future.