Philip Morris International (NYSE:PM) Issues Earnings Results, Beats Expectations By $0.14 EPS

Philip Morris International (NYSE:PM) posted its quarterly earnings data on Tuesday. The company reported $2.24 earnings per share for the quarter, topping analysts’ consensus estimates of $2.10 by $0.14, Zacks reports. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. The company had revenue of $10.85 billion for the quarter, compared to analyst estimates of $10.67 billion. During the same period in the prior year, the company posted $1.91 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis.

Philip Morris International Stock Down 3.9%

Shares of PM stock opened at $151.92 on Wednesday. The firm has a market cap of $236.48 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 2.31 and a beta of 0.46. The company’s 50 day moving average is $162.81 and its 200 day moving average is $168.80. Philip Morris International has a 52-week low of $116.12 and a 52-week high of $186.69.

Philip Morris International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Friday, October 3rd were issued a dividend of $1.47 per share. The ex-dividend date of this dividend was Friday, October 3rd. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.35. This represents a $5.88 annualized dividend and a yield of 3.9%. Philip Morris International’s dividend payout ratio is 111.79%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Philip Morris International from $175.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Barclays reduced their target price on shares of Philip Morris International from $225.00 to $220.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Jefferies Financial Group started coverage on shares of Philip Morris International in a research report on Wednesday, July 9th. They set a “buy” rating and a $220.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $195.00 target price on shares of Philip Morris International in a research report on Wednesday, July 23rd. Finally, Citigroup reaffirmed a “buy” rating on shares of Philip Morris International in a research report on Thursday, September 4th. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.44.

Hedge Funds Weigh In On Philip Morris International

Several institutional investors have recently bought and sold shares of PM. McIlrath & Eck LLC purchased a new position in Philip Morris International during the second quarter valued at approximately $36,000. WFA of San Diego LLC acquired a new stake in Philip Morris International in the second quarter valued at approximately $41,000. Osterweis Capital Management Inc. boosted its stake in Philip Morris International by 2,280.0% in the second quarter. Osterweis Capital Management Inc. now owns 357 shares of the company’s stock valued at $65,000 after acquiring an additional 342 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in Philip Morris International in the second quarter valued at approximately $82,000. Finally, Puff Wealth Management LLC acquired a new stake in Philip Morris International in the second quarter valued at approximately $210,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

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.