Philip Morris International Inc. (NYSE:PM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $108.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.38% from the company’s current price.
According to Zacks, “Philip Morris has been witnessing upward estimate revisions since the shift in its focus to unconventional tobacco products. The company opened the first-of-its-kind manufacturing facility for the large scale production of non combustible, reduced risk tobacco products. This initiative marks Philip Morris' focus toward growing alternative tobacco products to counter dwindling cigarette shipments volumes. Philip Morris’ strong pricing power supports volume and market share. The agreement with Altria regarding the technology sharing and distribution of e-vapor products is also commendable. The company’s unconventional cigarette iQOS (provides nicotine hit by heating tobacco instead of burning it) also received favorable response. Philip Morris is increasing its foothold in emerging markets through strategic buyouts. However, strict anti-smoking regulations by governments across the world and currency headwinds remain concerns.”
A number of other brokerages have also recently issued reports on PM. Citigroup Inc. started coverage on Philip Morris International in a report on Tuesday, September 13th. They set a “neutral” rating and a $106.00 price objective for the company. SBG Securities raised Philip Morris International from a “sell” rating to a “hold” rating in a report on Wednesday, July 20th. Wells Fargo & Co. reissued an “outperform” rating on shares of Philip Morris International in a report on Tuesday, July 19th. Jefferies Group started coverage on Philip Morris International in a report on Wednesday, September 21st. They set a “hold” rating and a $96.00 price objective for the company. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and set a $105.00 price objective (up from $99.00) on shares of Philip Morris International in a report on Friday, July 15th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $104.82.
Shares of Philip Morris International (NYSE:PM) opened at 96.10 on Wednesday. The firm has a market cap of $149.08 billion, a PE ratio of 22.99 and a beta of 0.95. The company has a 50 day moving average of $99.73 and a 200 day moving average of $99.79. Philip Morris International has a 52 week low of $81.55 and a 52 week high of $104.20.
Philip Morris International (NYSE:PM) last posted its quarterly earnings data on Tuesday, July 19th. The company reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.20 by $0.05. Philip Morris International had a net margin of 8.84% and a negative return on equity of 57.28%. The business earned $6.65 billion during the quarter, compared to the consensus estimate of $6.77 billion. During the same period in the prior year, the company posted $1.21 earnings per share. On average, equities research analysts anticipate that Philip Morris International will post $4.49 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Wednesday, September 28th will be given a dividend of $1.04 per share. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Monday, September 26th. This represents a $4.16 annualized dividend and a dividend yield of 4.33%. Philip Morris International’s payout ratio is 99.52%.
Several hedge funds and other institutional investors have recently bought and sold shares of PM. IMS Capital Management raised its position in Philip Morris International by 4.3% in the first quarter. IMS Capital Management now owns 4,850 shares of the company’s stock worth $476,000 after buying an additional 198 shares during the last quarter. Douglas Lane & Associates LLC acquired a new position in Philip Morris International during the first quarter worth $1,275,000. Quantitative Systematic Strategies LLC acquired a new position in Philip Morris International during the first quarter worth $774,000. Lodestar Investment Counsel LLC IL raised its position in Philip Morris International by 0.6% in the first quarter. Lodestar Investment Counsel LLC IL now owns 52,055 shares of the company’s stock worth $5,107,000 after buying an additional 302 shares during the last quarter. Finally, Legacy Private Trust Co. raised its position in Philip Morris International by 0.3% in the first quarter. Legacy Private Trust Co. now owns 10,340 shares of the company’s stock worth $1,015,000 after buying an additional 35 shares during the last quarter. 71.22% of the stock is currently owned by hedge funds and other institutional investors.
Philip Morris International Company Profile
Philip Morris International Inc is a holding company engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. The Company’s products are sold in over 180 markets. Its segments include European Union; Eastern Europe, Middle East & Africa; Asia, and Latin America & Canada.
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