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

Philip Morris International (NYSE:PM) posted its quarterly earnings data on Tuesday. The company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09, Briefing.com reports. The business had revenue of $8.79 billion during the quarter, compared to the consensus estimate of $8.44 billion. Philip Morris International had a negative return on equity of 116.29% and a net margin of 8.53%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.38 earnings per share. 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 Trading Up 3.8 %

Philip Morris International stock opened at $97.66 on Wednesday. The stock has a market cap of $151.82 billion, a PE ratio of 19.45, a P/E/G ratio of 1.97 and a beta of 0.61. The stock has a 50-day moving average price of $91.46 and a 200 day moving average price of $92.10. Philip Morris International has a 52 week low of $87.23 and a 52 week high of $100.79.

Philip Morris International Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PM. UBS Group downgraded Philip Morris International from a “buy” rating to a “sell” rating and decreased their price objective for the company from $105.00 to $86.50 in a report on Tuesday, January 23rd. Argus reaffirmed a “hold” rating on shares of Philip Morris International in a report on Tuesday, March 5th. Finally, 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 report on Tuesday, February 13th. One equities 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $105.40.

Insider Buying and Selling

In related news, insider Massimo Andolina sold 8,250 shares of Philip Morris International stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $93.63, for a total transaction of $772,447.50. Following the completion of the sale, the insider now owns 94,629 shares in the company, valued at approximately $8,860,113.27. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Philip Morris International news, insider Werner Barth sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $91.46, for a total value of $457,300.00. Following the sale, the insider now directly owns 102,918 shares of the company’s stock, valued at approximately $9,412,880.28. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Massimo Andolina sold 8,250 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $93.63, for a total value of $772,447.50. Following the completion of the sale, the insider now directly owns 94,629 shares in the company, valued at $8,860,113.27. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,250 shares of company stock worth $1,411,128. 0.14% of the stock is owned by corporate insiders.

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.