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

Philip Morris International (NYSE:PM) issued its earnings results on Tuesday. The company reported $1.91 earnings per share (EPS) 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 business had revenue of $9.91 billion for the quarter, compared to analysts’ expectations of $9.68 billion. During the same quarter in the previous year, the firm posted $1.67 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. 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 Down 0.0 %

NYSE PM opened at $131.39 on Thursday. The stock’s 50-day simple moving average is $121.97 and its two-hundred day simple moving average is $109.28. Philip Morris International has a twelve month low of $87.23 and a twelve month high of $131.97. The company has a market capitalization of $204.25 billion, a price-to-earnings ratio of 25.66, a PEG ratio of 2.35 and a beta of 0.55.

Philip Morris International Increases Dividend

The company 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 represents a $5.40 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date of this dividend was Thursday, September 26th. This is a boost from Philip Morris International’s previous quarterly dividend of $1.30. Philip Morris International’s dividend payout ratio is currently 105.47%.

Insider Transactions at Philip Morris International

In related news, insider Massimo Andolina sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $115.35, for a total value of $1,038,150.00. Following the completion of the sale, the insider now owns 85,629 shares in the company, valued at $9,877,305.15. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their price objective on 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 raised 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. upped 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. Stifel Nicolaus reissued a “buy” rating and issued a $145.00 price target (up from $138.00) on shares of Philip Morris International in a report on Wednesday. Finally, Citigroup upped their price target on shares of Philip Morris International from $118.50 to $132.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. One 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. According to data from MarketBeat.com, Philip Morris International currently has an average rating of “Moderate Buy” and an average 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.