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

Philip Morris International (NYSE:PM) announced its quarterly earnings data on Tuesday. The company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.09, Briefing.com reports. Philip Morris International had a negative return on equity of 113.32% and a net margin of 9.41%. The business had revenue of $9.91 billion during the quarter, compared to analyst estimates of $9.68 billion. During the same period in the prior year, the company earned $1.67 earnings per share. Philip Morris International’s revenue 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 Price Performance

Shares of PM opened at $130.98 on Wednesday. Philip Morris International has a 1 year low of $87.23 and a 1 year high of $131.97. The stock has a 50 day simple moving average of $121.68 and a two-hundred day simple moving average of $109.12. The firm has a market cap of $203.62 billion, a P/E ratio of 25.67, a P/E/G ratio of 2.35 and a beta of 0.55.

Philip Morris International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 26th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.12%. This is a boost from Philip Morris International’s previous quarterly dividend of $1.30. The ex-dividend date was Thursday, September 26th. Philip Morris International’s dividend payout ratio (DPR) is currently 105.47%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Barclays increased their price target on shares of Philip Morris International from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. UBS Group reduced their price target on shares of Philip Morris International from $105.00 to $103.00 and set a “sell” rating for the company in a research report on Tuesday, October 15th. StockNews.com raised shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Monday, July 22nd. Stifel Nicolaus lifted their price objective on Philip Morris International from $120.00 to $138.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, The Goldman Sachs Group upped their target price on Philip Morris International from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $123.95.

Insider Buying and Selling at Philip Morris International

In other news, insider Wilde Frederic De sold 20,000 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $113.01, for a total value of $2,260,200.00. Following the completion of the sale, the insider now owns 158,447 shares of the company’s stock, valued at approximately $17,906,095.47. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Wilde Frederic De sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $113.01, for a total transaction of $2,260,200.00. Following the transaction, the insider now directly owns 158,447 shares in the company, valued at $17,906,095.47. This trade 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. Also, insider Massimo Andolina sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were 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 of the company’s stock, valued at $9,877,305.15. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.13% of the company’s stock.

Philip Morris International Company Profile

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.