By Colin Kellaher

Philip Morris International Inc. on Wednesday said its board raised the quarterly dividend by 4.2%, to $1.25, from $1.20.

The new payout, equal to $5 a year, represents an annual yield of about 4.9% based on Tuesday's closing price of $101.96, up from 4.71%.

The New York tobacco company said the increased dividend is payable Oct. 14 to shareholders of record Sept. 29.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

09-15-21 0731ET