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

Philip Morris International (NYSE:PM) issued its quarterly earnings data on Tuesday. The company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.09, Briefing.com reports. The business had revenue of $9.91 billion for the quarter, compared to the consensus estimate of $9.68 billion. Philip Morris International had a negative return on equity of 113.32% and a net margin of 9.41%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business 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 opened at $131.42 on Wednesday. Philip Morris International has a 12 month low of $87.23 and a 12 month high of $131.97. The stock’s 50-day moving average is $121.68 and its two-hundred day moving average is $109.12. The stock has a market cap of $204.30 billion, a PE ratio of 25.67, a P/E/G ratio of 2.35 and a beta of 0.55.

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 26th were issued a $1.35 dividend. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 4.11%. The ex-dividend date was Thursday, September 26th. Philip Morris International’s dividend payout ratio is currently 105.47%.

Wall Street Analyst Weigh In

Several research firms have commented on PM. Citigroup lifted their target price on shares of Philip Morris International from $118.50 to $132.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Bank of America lifted their price objective on Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. StockNews.com upgraded Philip Morris International from a “hold” rating to a “buy” rating in a research report on Monday, July 22nd. Barclays raised 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 report on Monday, September 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Philip Morris International from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. 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’s stock. Based on data from MarketBeat, Philip Morris International currently has an average rating of “Moderate Buy” and a consensus price target of $123.95.

Insider Activity

In other Philip Morris International news, insider Massimo Andolina sold 9,000 shares of the company’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 transaction, the insider now owns 85,629 shares in the company, valued at $9,877,305.15. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the sale, the insider now directly owns 85,629 shares in the company, valued at $9,877,305.15. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wilde Frederic De sold 20,000 shares of Philip Morris International stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $113.01, for a total value of $2,260,200.00. Following the sale, the insider now directly owns 158,447 shares in the company, valued at approximately $17,906,095.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.