Philip Morris International (NYSE:PM) Issues Quarterly Earnings Results

Philip Morris International (NYSE:PM) released its earnings results on Tuesday. The company reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.09, Briefing.com reports. Philip Morris International had a net margin of 9.41% and a negative return on equity of 113.32%. The firm had revenue of $9.91 billion for the quarter, compared to analysts’ expectations of $9.68 billion. During the same period in the previous year, the company earned $1.67 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. Philip Morris International updated its FY 2024 guidance to 6.450-6.510 EPS and its FY24 guidance to $6.45-6.51 EPS.

Philip Morris International Stock Up 1.1 %

Shares of NYSE PM traded up $1.38 during mid-day trading on Thursday, reaching $132.79. 5,378,350 shares of the company were exchanged, compared to its average volume of 5,375,024. The company’s 50 day moving average price is $121.97 and its 200 day moving average price is $109.28. Philip Morris International has a 52 week low of $87.23 and a 52 week high of $132.90. The stock has a market capitalization of $206.43 billion, a PE ratio of 25.94, a PEG ratio of 2.35 and a beta of 0.55.

Philip Morris International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 26th were paid a $1.35 dividend. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend was Thursday, September 26th. Philip Morris International’s dividend payout ratio (DPR) is currently 105.47%.

Insider Activity

In other news, insider Massimo Andolina sold 9,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $115.35, for a total transaction of $1,038,150.00. Following the transaction, the insider now directly owns 85,629 shares of the company’s stock, valued at approximately $9,877,305.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PM. Stifel Nicolaus reissued a “buy” rating and issued a $145.00 price objective (up previously from $138.00) on shares of Philip Morris International in a report on Wednesday. Barclays lifted their target price on shares of Philip Morris International from $130.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. StockNews.com raised shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Monday, July 22nd. UBS Group lifted their price objective on shares of Philip Morris International from $103.00 to $105.00 and gave the company a “sell” rating in a research note on Wednesday. Finally, Citigroup increased their target price on Philip Morris International from $118.50 to $132.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Philip Morris International has an average rating of “Moderate Buy” and a consensus price target of $126.85.

About Philip Morris International

Philip Morris International Inc operates as a tobacco company working to delivers a smoke-free future and evolving portfolio for the long-term to include products outside of the tobacco and nicotine sector. The company's product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor, and oral nicotine products primarily under the IQOS and ZYN brands; and consumer accessories, such as lighters and matches.