Phillip Morris Ups The Ante Again
By David Silver:Phillip Morris International (PM), the international arm of Altria (MO) that was spun off back in March of 2008, increased its share repurchase program, again. During the first quarter of 2012, Phillip Morris repurchased $1.5 billion of stock. Since May 2008, when PM began its first share repurchase program, the company has spent a total of $22.9 billion to repurchase 432.1 million shares at an average price of $52.88 per share, or 20.5% of the shares outstanding at the time of the spin-off in March 2008. For 2012, PM has a $6.0 billion share repurchase target. Since it was spun off, shares have appreciated more than 76%, while the quarterly dividend has increased almost 68% (to $0.77 per share from $0.44 per share) over the same time period, yielding shareholders a considerable return.Over the next three years, Phillip Morris plans to purchase $18 billion of stock, which is roughlyComplete Story »
- Original article
- Login or register to post comments

