Dividend Increase - Philip Morris International Inc. (PM)

 

Thursday, September 12th the Board of Directors of Philip Morris International Inc. (PM) announced a quarterly dividend increase of from $1.30 to $1.35 per share that’s payable October 10, 2024 to holders of record September 26, 2024. This represents a 3.85% increase over the last quarterly dividend.

With current price $125.97 (yesterday's close), this raise brings their dividend yield to 4.29%.

Philip Morris is a Dividend Contenders with a 17 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 1.8, 2.8, 2.9 and 3.9 (Dividend Champions.xls)

Since I own 85 shares of PM, this will increase my portfolio's projected annual net dividend income by $12.67.

I was expecting a 3% increase, so the one announced was a bit higher than my expectations and I am happy to receive it.

This is the eleventh 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 43.6% from $0.94 to $1.35.

This increase raises my Yield on Cost to 6.45%.

Summary of 2024 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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