Dow Jones Newswires
NEW YORK -- Philip Morris Co.'s (MO) president and chief operating officer Bill Webb told CNBC Wednesday that his company's stock was "woefully undervalued last year."
Webb said the stock price is still below a fair valuation. The stock closed Wednesday at $46.41, well above the 52-week low of $19.13 set one year ago.
He also said he's confident Philip Morris' spinoff of Kraft will remain on schedule.
Webb said the company's sponsorship of the first annual Billion Dollar Roundtable honoring women- and minority-owned business stems from the desire to make a contribution to a segment of society that needs help.
"We think it makes enormous business sense...it enables people to help themselves and develop their skills and their level of income," he said.
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