however I have decided to pass. With the dividend tax rate icreasing next year I think that there will be a lot of selling pressure on dividend paying stocks. Great dividend but share price decline is a real risk.
PM's buyback history isn't that great. Last year I think they averaged in at $49.50. In 2008 they bought a lot before the crash and didn't really get to take advantage of the low prices offered after the crash. They would be better off hedging the currency verses buying back the stock.