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

Philip Morris International (NYSE:PM) announced its quarterly earnings results on Tuesday. The company reported $1.91 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 analyst estimates of $9.68 billion. Philip Morris International had a negative return on equity of 117.94% and a net margin of 12.10%. Philip Morris International’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.67 EPS. 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 Up 1.1 %

PM stock opened at $132.79 on Friday. The company has a market cap of $206.46 billion, a P/E ratio of 21.08, a PEG ratio of 2.57 and a beta of 0.55. Philip Morris International has a twelve month low of $87.23 and a twelve month high of $132.90. The business has a fifty day moving average of $121.97 and a 200-day moving average of $109.28.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were given a dividend of $1.35 per share. The ex-dividend date was Thursday, September 26th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.07%. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. Philip Morris International’s payout ratio is presently 85.71%.

Insider Transactions at Philip Morris International

In other news, insider Massimo Andolina sold 9,000 shares of the business’s stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.13% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on PM shares. Deutsche Bank Aktiengesellschaft boosted their price target on Philip Morris International from $118.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. UBS Group boosted their price target on Philip Morris International from $103.00 to $105.00 and gave the company a “sell” rating in a research note on Wednesday. Stifel Nicolaus reiterated a “buy” rating and issued a $145.00 price objective (up previously from $138.00) on shares of Philip Morris International in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on Philip Morris International from $126.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. lifted their price objective on Philip Morris International from $125.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.