Stock Update (NYSE:PM): Philip Morris International Inc. Recognized as a Global Leader in Tackling Climate Change
Philip Morris International Inc. (NYSE:PM) is recognized as a leading global business taking proactive steps to address climate change and reduce its carbon footprint. The company is named today as the only consumer staples company in the S&P 500 on both the CDP Climate “A” List for top performers and the Climate Disclosure Leadership Index (CDLI) for quality and transparency of reporting. The 100% score for carbon disclosure is the highest ever recognition PMI has received in the annual CDP ratings.
CDP, formerly known as the “Carbon Disclosure Project” is the leading international not-for-profit organization assessing the work of thousands of companies worldwide in the area of climate change. PMI is recognized on the CDP Climate “A” List in their Global Climate Performance Leader Report, released on November 4, for top performance in measuring, verifying, managing and reducing our carbon footprint. The company also earned its leading place on the CDLI by disclosing high quality carbon emissions and energy data for 2014 through CDP’s climate change program. The CDP assessment is compiled at the request of 822 investors who represent US$95 trillion in assets -more than a third of the world’s invested capital.
“We are delighted to make the CDP Climate Disclosure Leadership Index for the S&P 500 and to be recognized as a top performer on CDP’s Climate “A” list. This demonstrates the hard work and commitment across PMI, setting tough targets and doing what it takes to achieve and exceed them. As we prepare to join government leaders in Paris later this month at COP21, the UN Climate Change conference, the CDP results demonstrate that businesses like PMI are playing their part to mitigate and adapt to climate change,” saidAndrew Harrop, Head of Environmental Sustainability at PMI.
Speaking following the announcement of the CDP S&P Leadership Index results, Paul Dickinson, executive chairman and co-founder of CDP said: “As the world looks beyond the Paris climate change negotiations and prepares for a low carbon future, reliable information about how companies are responding to the transition will be ever more valuable. For this reason we congratulate those businesses that have achieved a position on CDP’s Climate Disclosure Leadership Index.” (Original Source)
Shares of Philip Morris International closed last Friday at $83.40. PM has a 1-year high of $90.08 and a 1-year low of $75.27. The stock’s 50-day moving average is $85.46 and its 200-day moving average is $82.35.
On the ratings front, Cowen analyst Vivien Azer reiterated a Buy rating on PM, with a price target of $97, in a report issued on October 15. The current price target implies an upside of 16.3% from current levels. According to TipRanks.com, Azer has a total average return of 17.1%, an 85.7% success rate, and is ranked #479 out of 3842 analysts.