Philip Morris International Inc. (NYSE: PM) Director Sergio Marchionne bought 1,000 shares of PM stock at $87.88 per share.
This is the fifth time in the past twelve months that Marchionne has bought PM shares. Marchionne had purchased the shares at an average price of $76.44 per share on the previous four occasions.
PM shares rose sharply in trading on Friday. The stock touched an intra-day high of $90.99 before finishing the day 1.92% higher at $90.30on above average volume of 6.68 million. PM shares have gained 15.06% so far this year, compared to a gain of 10.21% for the S&P 500.
Philip Morris, which is engaged in the manufacture and sale of cigarettes and other tobacco products in markets outside of the U.S., recently reported its second-quarter financial results.
For the second quarter of 2012, PM reported diluted earnings per share of $1.36, compared to $1.35 per share reported for the same period in the previous year. Cigarette shipment volume dropped 1.2% in the second quarter.
PM reported net revenue of $8.1 billion for the second quarter, down 1.8% over the same period last year. Operating income for the quarter dropped 2.9% to $3.6 billion.
CEO Louis C. Camilleri said that despite the anticipated Japan hurdle and currency headwinds, PM had a solid second quarter which underscored the companyâ€™s sustained business momentum. Camilleri said that PMâ€™s broad geographic footprint, world-class brand portfolio and a strong pricing environment remain the cornerstone of the companyâ€™s continuing ability to capitalize on growth opportunities around the world, whilst enabling it to weather uncertainty in those markets where economic conditions are still currently weak.