Philip Morris International (NYSE:PM) Releases FY24 Earnings Guidance

Philip Morris International (NYSE:PM) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $6.19-6.31 for the period, compared to the consensus EPS estimate of $6.35. Philip Morris International also updated its FY 2024 guidance to 6.190-6.310 EPS.

Philip Morris International Stock Performance

PM traded up $0.04 during midday trading on Wednesday, reaching $97.70. The company had a trading volume of 3,237,079 shares, compared to its average volume of 5,621,766. The stock has a market cap of $151.88 billion, a PE ratio of 19.11, a P/E/G ratio of 1.97 and a beta of 0.61. Philip Morris International has a 12-month low of $87.23 and a 12-month high of $100.79. The business has a 50-day moving average price of $91.46 and a two-hundred day moving average price of $92.10.

Philip Morris International (NYSE:PM) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.50 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The company had revenue of $8.79 billion for the quarter, compared to analysts’ expectations of $8.44 billion. Philip Morris International had a net margin of 8.53% and a negative return on equity of 116.29%. Philip Morris International’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 EPS. On average, research analysts anticipate that Philip Morris International will post 6.36 earnings per share for the current year.

Philip Morris International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 9th. Investors of record on Thursday, March 21st were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 5.32%. The ex-dividend date was Wednesday, March 20th. Philip Morris International’s dividend payout ratio (DPR) is presently 103.59%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PM. UBS Group lowered shares of Philip Morris International from a buy rating to a sell rating and decreased their price target for the stock from $105.00 to $86.50 in a report on Tuesday, January 23rd. Societe Generale raised shares of Philip Morris International from a sell rating to a hold rating and set a $87.50 price target for the company in a research report on Tuesday, February 13th. Argus reaffirmed a hold rating on shares of Philip Morris International in a research report on Tuesday, March 5th. Finally, Stifel Nicolaus increased their price target on shares of Philip Morris International from $108.00 to $115.00 and gave the stock a buy rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Philip Morris International has a consensus rating of Hold and a consensus target price of $105.50.

Insider Transactions at Philip Morris International

In related news, insider Massimo Andolina sold 8,250 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 94,629 shares of the company’s stock, valued at $8,860,113.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Massimo Andolina sold 8,250 shares of the business’s 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 transaction, the insider now owns 94,629 shares of the company’s stock, valued at $8,860,113.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Reginaldo Dobrowolski sold 2,000 shares of the business’s 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 transaction, the vice president now directly owns 9,726 shares in the company, valued at approximately $882,050.94. The disclosure for this sale can be found here. Insiders sold 15,250 shares of company stock worth $1,411,128 over the last three months. 0.14% of the stock is currently owned by company 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.