KTCIF - Philip Morris: Q4 Results Support 5.4% Dividend Yield And Low-Teens Return
(We previously wrote about Philip Morris as "Blue Sky Capital")
Introduction
Philip Morris (PM) shares have returned 15.8% (including $3.48 in dividends) since our initial Buy rating in June 2019, significantly ahead of Altria (MO) (upgraded to Buy this month) and Imperial Brands (IMBBY) (Neutral-rated), but behind British American Tobacco (BTI) (Neutral-rated) and the S&P 500:
The share price has risen 4.2% since PM's 19Q4 results last Thursday (Feb 6), which we believe support our Buy case, as explained below.