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

Philip Morris International (NYSE:PM) posted its quarterly earnings results on Tuesday. The company reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $8.79 billion during the quarter, compared to the consensus estimate of $8.44 billion. During the same period last year, the business earned $1.38 EPS. The business’s quarterly 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 traded up $3.60 during trading on Tuesday, hitting $97.66. 13,103,287 shares of the stock were exchanged, compared to its average volume of 5,646,268. Philip Morris International has a 1-year low of $87.23 and a 1-year high of $100.79. The company has a market capitalization of $151.82 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 1.96 and a beta of 0.61. The company’s fifty day simple moving average is $91.29 and its 200-day simple moving average is $92.06.

Philip Morris International Dividend Announcement

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

Insider Transactions at Philip Morris International

In related news, 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 value of $181,380.00. Following the sale, the vice president now owns 9,726 shares of the company’s stock, valued at approximately $882,050.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Philip Morris International news, insider Werner Barth sold 5,000 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $91.46, for a total value of $457,300.00. Following the transaction, the insider now owns 102,918 shares of the company’s stock, valued at $9,412,880.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 value 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. In the last quarter, insiders have sold 15,250 shares of company stock valued at $1,411,128. 0.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Argus reissued a “hold” rating on shares of Philip Morris International in a research note on Tuesday, March 5th. UBS Group downgraded Philip Morris International from a “buy” rating to a “sell” rating and cut their price objective for the company from $105.00 to $86.50 in a research note on Tuesday, January 23rd. Finally, Societe Generale raised Philip Morris International from a “sell” rating to a “hold” rating and set a $87.50 price objective on the stock in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Philip Morris International has a consensus rating of “Hold” and a consensus target price 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.