Philip Morris Maintains High Dividend Yield

Tobacco manufacturer Philip Morris (PM: 80.06 +2.80%) announced today that its Board of Directors has approved a quarterly dividend of $0.54 per share.

 

Philip Morris’s current dividend yield now stands at 4.9%.

 

The dividend will be payable on July 10, 2009 to shareholders of record as of June 24, 2009.

 

Since the beginning of 2009, PM’s stock price has gained less than 1%. The stock has gained over 30% since early March, but still offers a high dividend yield of almost 5%.

 

Wall Street is expecting Philip Morris to earn $3.06 per share in 2009, while the company is likely to only pay out $2.16 per share in dividends. The 70% dividend payout ratio appears to be very reasonable and should provide investors with comfort regarding the stock’s high dividend yield for the remainder of the year.

 

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