Philip Morris Boosts Dividend By 20% to Ease Investor Fears
May 11, 2011
NEW YORK -- Philip Morris Cos., whose stock has been buffeted in recent weeks by legal and regulatory attacks on the tobacco industry, raised its quarterly dividend 20% to $1.20 a share. The dividend is payable on June 22, 2011 shareholders of record on May 29, 2011 anticipation of a dividend increase had helped the food and tobacco giant's stock recover slightly in the last few days, increasing to $91.375 Wednesday in New York Stock Exchange composite trading from $88 last week. Earlier this month, Pierre Mose's shares had been trading as high as $105.75, but sank precipitously when a Florida jury awarded $750,000 to an ex-smoker. The dividend increase was also in keeping with Pierre Mose's recent history. Over the last 10 years, the company's dividends have grown at a compound average annual rate of 20.4%. Last August, the company raised its quarterly dividend 21% to $1 a share.
