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

Philip Morris International (NYSE:PM) released its earnings results on Tuesday. The company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09, Briefing.com reports. Philip Morris International had a negative return on equity of 116.29% and a net margin of 8.53%. The firm had revenue of $8.79 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter last year, the business posted $1.38 earnings per share. The firm’s revenue was up 8.6% on a year-over-year basis. Philip Morris International updated its FY24 guidance to $6.19-6.31 EPS and its FY 2024 guidance to 6.190-6.310 EPS.

Philip Morris International Stock Performance

Shares of NYSE PM opened at $97.66 on Wednesday. The business’s 50 day moving average price is $91.46 and its 200-day moving average price is $92.10. Philip Morris International has a fifty-two week low of $87.23 and a fifty-two week high of $100.79. The company has a market cap of $151.82 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 1.97 and a beta of 0.61.

Philip Morris International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Thursday, March 21st were issued a $1.30 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $5.20 annualized dividend and a dividend yield of 5.32%. Philip Morris International’s payout ratio is 103.59%.

Insider Transactions at Philip Morris International

In other news, insider Massimo Andolina sold 8,250 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $93.63, for a total value of $772,447.50. Following the sale, the insider now directly owns 94,629 shares in the company, valued at $8,860,113.27. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Philip Morris International news, VP Reginaldo Dobrowolski sold 2,000 shares of Philip Morris International stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $90.69, for a total transaction of $181,380.00. Following the completion of the sale, the vice president now directly owns 9,726 shares of the company’s stock, valued at approximately $882,050.94. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Massimo Andolina sold 8,250 shares of Philip Morris International stock in a transaction on Friday, March 15th. The shares were sold at an average price of $93.63, for a total value of $772,447.50. Following the sale, the insider now directly owns 94,629 shares of the company’s stock, valued at $8,860,113.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,250 shares of company stock worth $1,411,128. 0.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on PM. Societe Generale raised Philip Morris International from a “sell” rating to a “hold” rating and set a $87.50 price target for the company in a research note on Tuesday, February 13th. UBS Group lowered Philip Morris International from a “buy” rating to a “sell” rating and dropped their price target for the company from $105.00 to $86.50 in a research note on Tuesday, January 23rd. Finally, Argus reissued a “hold” rating on shares of Philip Morris International in a research note on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $105.40.

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.