Philip Morris (NYSE:PM) has greatly disappointed its shareholders in the last 3 years, as it has pronouncedly underperformed S&P (NYSEARCA:SPY) during that period (-14% vs. 46% of S&P). However, thanks to the recent decline of the stock, the dividend yield has increased to 5.2%, which is quite attractive in the current low-yield environment. In this article, I recommend a strategy (only) for those who are attracted by the high dividend yield but want to minimize their exposure to this stalwart. First of all, the poor performance of the stock in the last 3 years has just been the reflection of the poor performance of the business during that period. To be sure, the company has experienced contraction in its sales (-4%), earnings (-13%) and earnings per share (-2%) in the last 3 years. Even worse, the analysts' estimates for this year have been revised downwards by 16% in the last 3 months, from $5.40 to $4.55, mostly due to the appreciation of the dollar. Read more