Philip Morris Stock Price After 1929 Stock Market Crash
Philip Morris was incorporated in New York City in 1902. The “Crash of ’29” and 1929-1932 Bear Market had wiped out over 27% of Philip Morris stock value. By the middle of 1932 with dividend payments, you would have made money owning Philip Morris stock.
Its origin started in London, 1847 where “Philip Morris” began making his first cigarettes in 1854. By 1931, Philip Morris’ net income reached $3 million and despite the Great Depression, it became one of just a handful of companies to retain all its employees and never miss a dividend payment.
By October 27, 1929 Philip Morris was trading at $10.00 per share when the first wave of selling on “Black Monday”, October 28, 1929 brought the shares down ($0.875) to close at $9.125 per share on the day. By August 11, 1932, Philip Morris was trading at $10.325 and hit a 1932 low of $7.25 per share.
1938 — Philip Morris preferred stock is offered to the public for the first time and in 2003, Philip Morris changed its name to Altria Group, Inc. and kept its (stock symbol: MO).
1985 — Philip Morris acquires General Foods Corporation.
2007 — Altria completes the spin-off of all shares of Kraft Foods (stock symbol: KFT) owned by Altria to Altria’s shareholders.
2008 — Altria completes the spin-off of 100 percent of the shares of Philip Morris International (stock symbol: PM) to Altria’s shareholders.