PMI to Repurchase up to $7 Billion in Shares

The board of directors of Philip Morris International (PMI) has authorized a new share repurchase program of up to $7 billion, with target spending of $5 billion to $7 billion over a three-year period expected to commence after the company’s second-quarter 2021 earnings call.

The board also declared a regular quarterly dividend of $1.20 per common share payable on July 12, 2021, to shareholders of record as of June 25, 2021. The ex-dividend date is June 24, 2021.

“Since our spinoff in March 2008, we have returned, on a cumulative basis, approximately $115 billion to our shareholders through dividends and share repurchases,” said PMI CEO Jacek Olczak in a statement.

“Our announcements today are further testament to our steadfast commitment to generously reward our shareholders as we transform into a smoke-free company.”