Philip Morris Int'l (PM) Sees Returning $9B to Shareholders During '09; Willing to Exceed 65% Dividend Payout Target
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At a JP Morgan conference this morning, execs from Philip Morris International (NYSE: PM) are making some interesting comments. The cigarette maker said that it is willing to exceed its 65% dividend payout target during 2009 and that management expects to return as much as $9 billion to its shareholders this year.
Shares of Philip Morris are underperforming the broader markets today, currently down 1.8% to $42.22. The DJIA is down 0.9%, the Nasdaq is down 0.2% and the S&P 500 is down 0.7%.
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