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Philip Morris boosts dividend by 6.5%

Philip Morris International Inc. PM, +2.62% said Friday it raised its quarterly dividend by means of 6.five%, to $1.14 a share from $1.07 a share. The cigarettes and smoke-free products corporate's inventory used to be still inactive in premarket trade. The new dividend can be payable July 11 to shareholders of record on June 22. Based on Thursday's inventory final value of $77.39, the brand new annual dividend price of $four.56 implies a dividend yield of five.89%, compared with the implied yield for the S&P 500 SPX, +zero.31% of one.91%, in line with FactSet. "This decision reflects the Board's confidence in the growth outlook of the company's business, underpinned by the potential of its smoke-free products, and underscores the Board's steadfast commitment to generously reward shareholders over time," said Chairman Louis Camilleri. The inventory had tumbled 26.eight% yr thus far thru Thursday, while the S&P 500 SPX, +zero.31% has gained three.6%.