Philip Morris International Inc. (NYSE:PM) announced a quarterly dividend on Wednesday, September 11th, RTT News reports. Shareholders of record on Wednesday, September 25th will be paid a dividend of 1.17 per share on Friday, October 11th. This represents a $4.68 annualized dividend and a yield of 6.27%. The ex-dividend date is Tuesday, September 24th. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.14.
Philip Morris International has raised its dividend payment by an average of 3.2% annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Philip Morris International has a dividend payout ratio of 91.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Philip Morris International to earn $5.62 per share next year, which means the company should continue to be able to cover its $4.56 annual dividend with an expected future payout ratio of 81.1%.
Philip Morris International stock traded down $0.39 on Thursday, hitting $74.68. 111,932 shares of the stock traded hands, compared to its average volume of 5,754,269. The firm has a market cap of $114.04 billion, a P/E ratio of 14.63, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99. The business’s fifty day simple moving average is $80.12 and its 200 day simple moving average is $83.07. Philip Morris International has a 1 year low of $64.67 and a 1 year high of $92.74.
In related news, insider Mario Masseroli sold 1,100 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $87.42, for a total value of $96,162.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.21% of the company’s stock.
A number of research firms have issued reports on PM. JPMorgan Chase & Co. set a $86.00 price target on Philip Morris International and gave the company a “neutral” rating in a research note on Wednesday, August 28th. Wells Fargo & Co set a $102.00 price target on Philip Morris International and gave the company a “buy” rating in a report on Monday, August 26th. Citigroup reaffirmed a “buy” rating on shares of Philip Morris International in a report on Wednesday, September 4th. Bank of America upgraded shares of Philip Morris International from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $81.00 to $94.00 in a report on Friday, May 17th. Finally, ValuEngine cut shares of Philip Morris International from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $93.77.
About Philip Morris International
Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.
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