: Philip Morris sets new billion stock repurchase program, with plans to start buying after Q2 results #FinanceUSA #StockMarketNEWS Shares of Philip Morris International Inc. rose 0.6% in premarket

@stockMarketNEWS Mon 14 Jun, 2021

Posted in: #FinanceUSA #StockMarketNEWS

Philip Morris sets new billion stock repurchase program, with plans to start buying after Q2 results #FinanceUSA #StockMarketNEWS
Shares of Philip Morris International Inc. rose 0.6% in premarket trading Friday, after cigarette and tobacco company announced a new billion stock repurchase program. The company said it targets spending billion to billion over the next three years as part of the program, and expects to start buying back start after the second-quarter earnings report, current projected for the second-half of July. Based on Thursday's stock closing price of .55, the new buyback program could represent about 4.6% of the shares outstanding. The company also declared a regular quarterly dividend of .20 a share, payable July 12 to shareholders of record on Jun 25. At Thursday's stock closing price, the dividend yield was 4.92%, compared with the implied yield for the S&P 500 of 1.39%, according to FactSet. "Our announcements today are further testament to our steadfast commitment to generously reward our shareholders as we transform into a smoke-free company," said Chief Executive Jacek Olczak. The stock has rallied 36.9% over the past 12 months, while the S&P 500 has advanced 41.2%.

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