By Chris Wack

Philip Morris International Inc. said Wednesday it is raising its quarterly dividend to $1.20 a share, up from $1.17 a share.

The tobacco-products company said the 2.6% increase brings its dividend to an annualized rate of $4.80 a share.

The new quarterly dividend is payable Oct. 13, to shareholders of record as of Sept. 24.

Write to Chris Wack at chris.wack@wsj.com