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

Philip Morris International (NYSE:PM) issued its quarterly earnings results on Tuesday. The company reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.09, Briefing.com reports. The company had revenue of $9.91 billion for the quarter, compared to analysts’ expectations of $9.68 billion. Philip Morris International had a negative return on equity of 113.32% and a net margin of 9.41%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.67 earnings per share. 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 Price Performance

Shares of PM stock traded up $1.38 on Thursday, hitting $132.79. 5,378,350 shares of the stock traded hands, compared to its average volume of 5,375,024. The firm has a market cap of $206.43 billion, a price-to-earnings ratio of 25.94, a PEG ratio of 2.35 and a beta of 0.55. The firm has a 50 day simple moving average of $121.97 and a two-hundred day simple moving average of $109.28. Philip Morris International has a 52 week low of $87.23 and a 52 week high of $132.90.

Philip Morris International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were paid a $1.35 dividend. The ex-dividend date was Thursday, September 26th. This is a boost from Philip Morris International’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.07%. Philip Morris International’s dividend payout ratio is 105.47%.

Insiders Place Their Bets

In related news, insider Massimo Andolina sold 9,000 shares of Philip Morris International stock in a transaction that occurred on 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 sale, the insider now 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PM. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Philip Morris International from $118.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Bank of America increased their price objective on shares of Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. lifted their target price on shares of Philip Morris International from $125.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday. UBS Group upped their price target on Philip Morris International from $103.00 to $105.00 and gave the company a “sell” rating in a report on Wednesday. Finally, The Goldman Sachs Group raised their target price on shares of Philip Morris International from $126.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. One 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.