Philip Morris Boosts Dividend!

Was glad to hear tobacco giant Philip Morris International Inc. (PM) will be boosting their quarterly dividend payout by 7.4%. The new dividend payout is 58 cents per share quarterly, compared to a prior payout of 54 cents. The company said that the dividend is payable Oct. 9th to shareholders of record as of Sept. 28. I added Philip Morris as a long term holding a few months back, and will probably pick up more shares before the 28th to take advantage of the increased dividend. While sales of cigarettes and tobacco products in the U.S. have declined, this is not the case in other countries.

I sold my stake in Altria, earlier in the year, when the new cigarette tax went in to effect. The thinking being, with the current state of the economy and the ridiculous increase in the price of cigarettes, Philip Morris International would be in a better position than Altria to make a profit and pay dividends to shareholders.

About Philip Morris:

"Philip Morris International (PMI) is the leading international tobacco company, with products sold in approximately 160 countries. In 2008, we held an estimated 15.6% share of the international cigarette market outside of the USA. In 2008, we reported net revenues, excluding excise taxes, of $25.7 billion, and operating income of $10.2 billion.

We own seven of the top 15 brands in the world and have a strong mix of international and local products that seek to appeal to a wide array of adult smokers. We are committed to providing our consumers with the highest-quality tobacco products.

We are driven to create the best possible return for shareholders, while proactively engaging regulators and the public health community to address the complex issues surrounding tobacco use."

Visit Philip Morris:
http://www.philipmorrisinternational.com/PMINTL/pages/eng/ourbus/About_us.asp