Tobacco company Philip Morris International (PM) will raise its quarterly dividend by 2.9 percent to $1.07 per share in the fourth quarter of 2017.

The next dividend will be paid on October 12, 2017 to shareholders of September 27, 2017. Last year PM hiked its dividend by 2 cents to $1.04 per share quarterly.

Philip Morris International is engaged in the manufacture and sale of cigarettes and other nicotine-containing products in markets outside the United States of America. The company's brands include Marlboro, L&M, Lark, Merit, Muratti, Philip Morris, Bond Street, Chesterfield, Next and Red & White. PMI also owns various other local cigarette brands and has a strong presence in emerging markets.