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

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus boosted their target price on shares of Philip Morris International from $108.00 to $115.00 and gave the company a buy rating in a research note on Wednesday. UBS Group downgraded shares of Philip Morris International from a buy rating to a sell rating and cut their price objective for the company from $105.00 to $86.50 in a research report on Tuesday, January 23rd. Argus reissued a hold rating on shares of Philip Morris International in a research report on Tuesday, March 5th. Finally, Societe Generale raised shares of Philip Morris International from a sell rating to a hold rating and set a $87.50 price objective for the company in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, Philip Morris International currently has an average rating of Hold and an average target price of $105.50.

Philip Morris International Trading Down 3.0 %

Philip Morris International stock traded down $2.93 during mid-day trading on Thursday, hitting $96.09. The stock had a trading volume of 7,416,363 shares, compared to its average volume of 5,776,468. The firm has a market capitalization of $149.38 billion, a P/E ratio of 18.77, a P/E/G ratio of 2.05 and a beta of 0.61. The firm’s 50 day moving average is $91.79 and its 200 day moving average is $92.18. Philip Morris International has a one year low of $87.23 and a one year high of $100.79.

Philip Morris International (NYSE:PM) last issued its earnings results on Tuesday, April 23rd. The company reported $1.50 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.09. The company had revenue of $8.79 billion during the quarter, compared to the consensus estimate of $8.44 billion. Philip Morris International had a net margin of 9.83% and a negative return on equity of 113.26%. Philip Morris International’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 EPS. As a group, equities research analysts forecast that Philip Morris International will post 6.33 earnings per share for the current year.

Philip Morris International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Thursday, March 21st were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 5.41%. Philip Morris International’s payout ratio is 101.56%.

Insider Activity

In other news, insider Werner Barth sold 5,000 shares of the firm’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 transaction, the insider now owns 102,918 shares in the company, valued at $9,412,880.28. The sale 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 firm’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 transaction, the insider now owns 102,918 shares in the company, valued at $9,412,880.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Massimo Andolina sold 8,250 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $93.63, for a total transaction of $772,447.50. Following the completion of the transaction, the insider now directly 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. Insiders sold a total of 15,250 shares of company stock worth $1,411,128 over the last 90 days. Corporate insiders own 0.13% of the company’s stock.

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.