Benzinga | Jun 11, 2021 01:41PM EDT

Philip Morris Announces Up to $7 Billion Share Buyback

* Tobacco manufacturer Philip Morris International Inc (NYSE:PM) announced a new share repurchase program of up to $7 billion.

* Philip Morris plans to make targeted spending of $5 billion to $7 billion over three years.

* PM's board of directors also approved a regular quarterly dividend of $1.20 per common share.

* "Since our spin-off in March 2008, we have returned, on a cumulative basis, approximately $115 billion to our shareholders through dividends and share repurchases," said Jacek Olczak, Chief Executive Officer.

* At the end of the March quarter, Philip Morris held $3.9 billion in cash and equivalents.

* Price action: PM shares traded higher by 0.52% at $98.06 on last check Friday.