Philip Morris International (NYSE:PM) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Philip Morris International (NYSE:PM) announced its earnings results on Tuesday. The company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09, Briefing.com reports. The company had revenue of $8.79 billion during the quarter, compared to the consensus estimate of $8.44 billion. Philip Morris International had a negative return on equity of 113.26% and a net margin of 9.83%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.38 earnings per share. Philip Morris International updated its FY24 guidance to $6.19-6.31 EPS and its FY 2024 guidance to 6.190-6.310 EPS.

Philip Morris International Stock Performance

Shares of Philip Morris International stock opened at $99.03 on Thursday. The company has a 50-day simple moving average of $91.65 and a two-hundred day simple moving average of $92.15. Philip Morris International has a 52-week low of $87.23 and a 52-week high of $100.79. The stock has a market capitalization of $153.95 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 2.05 and a beta of 0.61.

Philip Morris International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Thursday, March 21st were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend was Wednesday, March 20th. Philip Morris International’s dividend payout ratio (DPR) is 101.56%.

Wall Street Analysts Forecast Growth

PM has been the topic of a number of research reports. UBS Group lowered shares of Philip Morris International from a “buy” rating to a “sell” rating and cut their target price for the company from $105.00 to $86.50 in a research note on Tuesday, January 23rd. Societe Generale upgraded Philip Morris International from a “sell” rating to a “hold” rating and set a $87.50 target price on the stock in a report on Tuesday, February 13th. Argus restated a “hold” rating on shares of Philip Morris International in a research note on Tuesday, March 5th. Finally, Stifel Nicolaus upped their price target on Philip Morris International from $108.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Philip Morris International currently has a consensus rating of “Hold” and an average target price of $105.50.

Insider Activity

In other Philip Morris International news, VP Reginaldo Dobrowolski sold 2,000 shares of Philip Morris International stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $90.69, for a total value of $181,380.00. Following the completion of the sale, the vice president now owns 9,726 shares of the company’s stock, valued at approximately $882,050.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Philip Morris International news, VP Reginaldo Dobrowolski sold 2,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $90.69, for a total value of $181,380.00. Following the transaction, the vice president now owns 9,726 shares of the company’s stock, valued at $882,050.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Werner Barth sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $91.46, for a total value of $457,300.00. Following the completion of the transaction, the insider now directly owns 102,918 shares in the company, valued at $9,412,880.28. The disclosure for this sale can be found here. Insiders sold 15,250 shares of company stock valued at $1,411,128 over the last three months. Insiders own 0.13% of the company’s stock.

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.