Multinational tobacco firm Philip Morris International Inc. will spend up to $7 billion for its buyback program, the company announced in a statement on Friday.
- PMI targets to spend $5 billion to $7 billion in the next three years. The spending program was approved on Friday, and will start after the second-quarter earnings call.
- The company declared a regular quarterly dividend of $1.20 per common share. The dividend will be payable on July 12, 2021 to shareholders on record as of June 25 with an ex-dividend date of June 24, 2021.
- Chief Executive Officer Jacek Olczak said the announcements are in line with the company’s commitment to reward shareholders as it transitions into a smoke-free company.
PMI aims to ultimately replace cigarettes with smoke-free products in the long term. PM is up 0.71%.