Philip Morris International (NYSE:PM) Releases Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Philip Morris International beat quarterly estimates: EPS came in at $2.36 versus the $2.30 consensus, while revenue reached $11.44 billion, above expectations of $11.32 billion.
• The company raised its quarterly dividend to $1.60 per share from $1.47, equating to an annualized dividend of $6.40 and a 3.2% yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a $207 price target; shares were trading down 0.6% after the results.

Philip Morris International (NYSE:PM - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $2.36 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.06, FiscalAI reports. Philip Morris International had a negative return on equity of 163.41% and a net margin of 11.06%. The company had revenue of $11.44 billion during the quarter, compared to analysts' expectations of $11.32 billion.

Philip Morris International Trading Down 0.6%

Shares of PM stock opened at $199.92 on Wednesday. The stock has a 50 day moving average of $191.76 and a two-hundred day moving average of $183.18. Philip Morris International has a 12 month low of $142.11 and a 12 month high of $210.45. The company has a market capitalization of $311.60 billion, a P/E ratio of 28.72, a P/E/G ratio of 2.58 and a beta of 0.34.

Philip Morris International Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 26th. Shareholders of record on Friday, October 2nd will be given a $1.60 dividend. The ex-dividend date is Friday, October 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Philip Morris International's previous quarterly dividend of $1.47. Philip Morris International's dividend payout ratio is 91.95%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PM shares. Citigroup boosted their target price on shares of Philip Morris International from $210.00 to $225.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Weiss Ratings upgraded shares of Philip Morris International from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. BTIG Research set a $221.00 price target on shares of Philip Morris International and gave the company a "buy" rating in a report on Friday, July 24th. UBS Group raised their price target on shares of Philip Morris International from $182.00 to $192.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 23rd. Finally, Barclays raised their price target on shares of Philip Morris International from $205.00 to $225.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $207.00.

Philip Morris International Company Profile

Philip Morris International Inc NYSE: PM is a global tobacco and nicotine company headquartered in Stamford, Connecticut. It was established as an independent company in 2008 following the separation of Philip Morris International from Altria Group. The company develops, manufactures and markets tobacco, nicotine and other related consumer products primarily outside the United States.

Its portfolio includes internationally recognized cigarette brands such as Marlboro, Parliament, L&M, Chesterfield and Bond Street.

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