Philip Morris International is raising its quarterly dividend by 10.4 percent, to 85 cents per share, from 77 cents per share, the cigarette maker said Wednesday.

The seller of Marlboro and other cigarette brands overseas said that the dividend will be paid on Oct. 11 to shareholders of record on Sept. 27.

Shares of Philip Morris International Inc., which is based in New York, shed 55 cents to $87.80 in morning trading.