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

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

Philip Morris International Trading Up 0.3 %

Shares of Philip Morris International stock opened at $94.07 on Tuesday. Philip Morris International has a 1 year low of $87.23 and a 1 year high of $100.79. The company has a market cap of $146.24 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.96 and a beta of 0.61. The stock has a 50-day moving average price of $91.29 and a 200 day moving average price of $92.06.

Philip Morris International (NYSE:PM) last posted its quarterly earnings results on Thursday, February 8th. The company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.08). Philip Morris International had a negative return on equity of 116.29% and a net margin of 8.53%. The company had revenue of $9.05 billion during the quarter, compared to analysts’ expectations of $8.99 billion. During the same period last year, the company earned $1.39 earnings per share. Philip Morris International’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities analysts forecast that Philip Morris International will post 6.38 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The business also recently declared 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 5.53%. The ex-dividend date of this dividend was Wednesday, March 20th. Philip Morris International’s dividend payout ratio is currently 103.59%.

Wall Street Analyst Weigh In

PM has been the topic of several research reports. Societe Generale raised Philip Morris International from a sell rating to a hold rating and set a $87.50 target price on the stock in a research report on Tuesday, February 13th. Argus restated a hold rating on shares of Philip Morris International in a report on Tuesday, March 5th. Finally, UBS Group cut shares of Philip Morris International from a buy rating to a sell rating and reduced their target price for the company from $105.00 to $86.50 in a research note on Tuesday, January 23rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and an average target price of $105.40.

Insiders Place Their Bets

In other Philip Morris International news, insider Werner Barth sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $91.46, for a total transaction of $457,300.00. Following the transaction, the insider now owns 102,918 shares in the company, valued at $9,412,880.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other 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 value of $772,447.50. Following the transaction, the insider now directly owns 94,629 shares in the company, valued at $8,860,113.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Werner Barth sold 5,000 shares of the business’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 transaction, the insider now directly owns 102,918 shares of the company’s stock, valued at approximately $9,412,880.28. The disclosure for this sale can be found here. Insiders sold 15,250 shares of company stock valued at $1,411,128 over the last 90 days. 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.