Philip Morris International (PM) will raise its quarterly dividend by 4.2 percent to $1.25 per share in 2021. This comes after dividend hikes of 2.6 percent by the cigarette maker in both 2020 and 2019. The dividend has now been raised for 14 consecutive years by PM.

The next quarterly PM dividend of $1.20 per share is payable on October 14, 2021. The ex-dividend date for Philip Morris International stock is September 28, 2021. A new annual dividend rate of $5.00 per share yields 4.7% to PM shareholders at a stock price of $104.

Phillip Morris International will now pay an estimated $7.79 billion in dividends to shareholders annually. The 5 year dividend growth rate has slowed to 3.7 percent annually, while the 10 year CAGR for PM's dividend is +6.5 percent because of double digit dividend hikes by the company in 2010, 2011, 2012 and 2013.

Philip Morris International is engaged in the manufacture and sale of cigarettes, smoke-free products and associated electronic devices and accessories, 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. The company's smoke-free product brand portfolio includes heated tobacco and nicotine-containing vapor products. Brands include IQOS, HEETS, Marlboro HeatSticks. Philip Morris International Inc. is a Virginia holding company incorporated in 1987.