In today's edition, Austin looks at Philip Morris (PM 3.83%) through the lens a of buy, sell, or hold filter. As a shareholder, Austin continues to remain bullish on the company. Major reasons for his enthusiasm include its strong dividend, a relatively low payout ratio, the Marlboro brand, and a track record of strong free cash flow. In an industry where many of the largest and most established companies are seeing weakness, volume declines, and job cuts, Philip Morris stands out as a high-conviction buy.
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