Dividend Contenders List: Top 15

10. Philip Morris International Inc. (NYSE:PM)

Dividend Yield as of November 11: 4.29%

Philip Morris International Inc. (NYSE:PM) is an American multinational tobacco company that also offers a wide range of related products. In October, the stock hit its all-time high at nearly $133 per share as the company’s smoke-free segment continues to generate substantial momentum. The stock has delivered a nearly 32% return since the start of 2024. In the third quarter of 2024, the company’s smoke-free product (SFP) shipments, now available in 92 markets, approached 40 billion units. This segment contributed 38% to its total net revenue and made up 40% of gross profit, marking an increase of 1.9 and 2.2 percentage points, respectively, compared to the same quarter last year.

Zyn remains the largest contributor to Philip Morris International Inc. (NYSE:PM)’s growth, with volumes increasing by 43.6% year-over-year, reaching 164.6 million cans for the quarter. Zyn is a nicotine pouch containing nicotine powder and flavoring rather than tobacco. The company acquired the brand at the end of 2022 through its purchase of Swedish Match, a transformative acquisition for the company.

Philip Morris International Inc. (NYSE:PM) generated $9.9 billion in revenues in the most recent quarter, up 8.4% from the same period last year. The revenue exceeded analysts’ expectations by $220 million. The company’s operating income for the quarter came in at $3.7 billion, which saw an 8.4% growth on a YoY basis. It showed confidence in its cash position, expecting to generate approximately $11 billion in operating cash flow in 2024.

Philip Morris International Inc. (NYSE:PM) offers a quarterly dividend of $1.35 per share, having raised it by 3.8% in September this year. Through this increase, the company stretched its dividend growth streak to 15 years. The stock supports a dividend yield of 4.29%, as of November 11. It is one of the best stocks on our dividend contenders list.