Philip Morris International Inc. said Friday it raised its quarterly dividend by 6.5%, to $1.14 a share from $1.07 a share. The cigarettes and smoke-free products company's stock was still inactive in premarket trade. The new dividend will be payable July 11 to shareholders of record on June 22. Based on Thursday's stock closing price of $77.39, the new annual dividend rate of $4.56 implies a dividend yield of 5.89%, compared with the implied yield for the S&P 500 of 1.91%, according to FactSet. "This decision reflects the Board's confidence in the growth outlook of the company's business, underpinned by the potential of its smoke-free products, and underscores the Board's steadfast commitment to generously reward shareholders over time," said Chairman Louis Camilleri. The stock had tumbled 26.8% year to date through Thursday, while the S&P 500 has gained 3.6%.