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Biz - Money

Philip Morris boosts dividend by 2.9%

Philip Morris International Inc. PM, -0.72% said Wednesday that it raised its quarterly dividend 2.9% to $1.07 a share, from $1.04 a share. The Marlboro parent's new dividend will be payable Oct. 12 to shareholders of record on Sept. 27. Based on Tuesday's closing price of $117.05, the new annual dividend rate implies a yield of 3.66%, compared with the implied dividend yield of the S&P 500 SPX, -0.04% of 1.98%, according to FactSet. Philip Morris's stock, which was inactive in premarket trade, has lost 1.4% over the past three months while the S&P 500 has gained 2.3%.