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 for the quarter, beating analysts’ consensus estimates of $1.82 by $0.09, Briefing.com reports. Philip Morris International had a negative return on equity of 117.94% and a net margin of 12.10%. The business had revenue of $9.91 billion for the quarter, compared to the consensus estimate of $9.68 billion. During the same period last year, the business earned $1.67 EPS. The firm’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 Trading Up 1.1 %

Shares of NYSE:PM opened at $132.79 on Friday. Philip Morris International has a 1-year low of $87.23 and a 1-year high of $132.90. The firm has a market capitalization of $206.46 billion, a PE ratio of 21.08, a PEG ratio of 2.57 and a beta of 0.55. The business’s 50 day moving average is $121.97 and its 200-day moving average is $109.28.

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 issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.07%. The ex-dividend date was Thursday, September 26th. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.30. Philip Morris International’s dividend payout ratio (DPR) is presently 85.71%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PM. Barclays raised their price objective on Philip Morris International from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. JPMorgan Chase & Co. raised their price objective on Philip Morris International from $125.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup raised their price objective on Philip Morris International from $118.50 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. UBS Group raised their price objective on Philip Morris International from $103.00 to $105.00 and gave the company a “sell” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Philip Morris International from $118.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $126.85.

Insider Transactions at Philip Morris International

In other 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 the SEC website. 0.13% of the stock is owned by insiders.

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.