Philip Morris International Inc. PM, -1.24% said Wednesday it has raised its quarterly dividend to $1.17 a share, up 2.6% from the previous dividend of $1.14 a share. The tobacco company's new dividend will be payable Oct. 11 to shareholders of record on Sept. 25. Based on Tuesday's stock closing price of $74.50, the new annual dividend rate of $4.68 a share implies a dividend yield of 6.28%, which compares with the yield for the SPDR Consumer Discretionary Select Sector ETF XLY, +1.30% of 1.23% and the implied yield for the S&P 500 SPX, +1.59% of 1.97%, according to FactSet. Philip Morris's stock, which is still inactive in premarket trading, has slipped 3.8% over the past 12 months, while the consumer discretionary ETF has gained 5.1% and the S&P 500 has tacked on 3.2%.