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

Philip Morris International (NYSE:PM) posted its quarterly earnings data on Tuesday. The company reported $1.91 EPS for the quarter, topping 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 company had revenue of $9.91 billion during the quarter, compared to the consensus estimate of $9.68 billion. During the same period in the prior year, the business posted $1.67 EPS. The company’s quarterly revenue was up 8.4% on a year-over-year basis. 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 1.0 %

PM stock traded up $1.30 during mid-day trading on Thursday, hitting $132.71. 226,554 shares of the company were exchanged, compared to its average volume of 5,350,017. The business has a 50 day simple moving average of $121.97 and a 200-day simple moving average of $109.28. The stock has a market capitalization of $206.31 billion, a PE ratio of 25.66, a price-to-earnings-growth ratio of 2.35 and a beta of 0.55. Philip Morris International has a 1-year low of $87.23 and a 1-year high of $132.86.

Philip Morris International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 26th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Thursday, September 26th. 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 4.07%. Philip Morris International’s dividend payout ratio (DPR) is 105.47%.

Analysts Set New Price Targets

A number of research firms have recently commented on PM. JPMorgan Chase & Co. increased their price objective on shares of Philip Morris International from $125.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup increased their price objective 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. UBS Group increased their price objective on shares of Philip Morris International from $103.00 to $105.00 and gave the stock a “sell” rating in a research note on Wednesday. Barclays raised their target price on shares of Philip Morris International from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Finally, Bank of America raised their target price on shares of Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $126.85.

Insiders Place Their Bets

In other Philip Morris International news, insider Massimo Andolina sold 9,000 shares of the firm’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 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 SEC, which is available at this hyperlink. Company 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.