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

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

Shares of NYSE:PM traded up $3.60 during midday trading on Tuesday, hitting $97.66. 13,103,287 shares of the stock were exchanged, compared to its average volume of 5,646,268. The stock has a market cap of $151.82 billion, a P/E ratio of 18.74, a PEG ratio of 1.96 and a beta of 0.61. Philip Morris International has a twelve month low of $87.23 and a twelve month high of $100.79. The company has a 50 day moving average price of $91.29 and a 200-day moving average price of $92.06.

Philip Morris International Announces Dividend

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

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 news, 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 transaction of $457,300.00. Following the completion of the sale, the insider now owns 102,918 shares in the company, valued at approximately $9,412,880.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Massimo Andolina sold 8,250 shares of the business’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 sale, the insider now owns 94,629 shares of the company’s stock, valued at approximately $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.

Analyst Ratings Changes

A number of research analysts have commented on the stock. UBS Group cut shares of Philip Morris International from a “buy” rating to a “sell” rating and decreased their target price for the company from $105.00 to $86.50 in a research report on Tuesday, January 23rd. Societe Generale raised shares of Philip Morris International from a “sell” rating to a “hold” rating and set a $87.50 price target on the stock in a research report on Tuesday, February 13th. Finally, Argus reaffirmed a “hold” rating on shares of Philip Morris International in a report on Tuesday, March 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $105.40.

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.