Philip Morris International (NYSE:PM) Posts Earnings Results, Beats Estimates By $0.14 EPS

Key Points

• Philip Morris International reported earnings of $2.24 EPS for the quarter, exceeding analysts' expectations of $2.10 EPS by $0.14.
• The company has increased its quarterly dividend to $1.47, up from $1.35, reflecting a 3.7% dividend yield.
• Wall Street analysts have a consensus rating of "Moderate Buy" on Philip Morris International, with a price target averaging around $195.44.

Philip Morris International (NYSE:PM - Get Free Report) announced its earnings results on Tuesday. The company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.10 by $0.14, Zacks reports. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%.

Philip Morris International Trading Down 0.1%

NYSE PM opened at $157.90 on Tuesday. The stock has a market cap of $245.78 billion, a PE ratio of 30.02, a PEG ratio of 2.31 and a beta of 0.46. Philip Morris International has a 12 month low of $116.12 and a 12 month high of $186.69. The company's 50-day moving average price is $163.15 and its 200-day moving average price is $168.92.

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Friday, October 3rd were issued a $1.47 dividend. The ex-dividend date was Friday, October 3rd. This is a boost from Philip Morris International's previous quarterly dividend of $1.35. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.7%. Philip Morris International's dividend payout ratio (DPR) is currently 111.79%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PM. Jefferies Financial Group assumed coverage on shares of Philip Morris International in a research report on Wednesday, July 9th. They set a "buy" rating and a $220.00 price objective for the company. KGI Securities started coverage on Philip Morris International in a report on Monday, August 4th. They set an "outperform" rating for the company. Needham & Company LLC restated a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a research report on Wednesday, July 23rd. Citigroup reaffirmed a "buy" rating on shares of Philip Morris International in a research note on Thursday, September 4th. Finally, JPMorgan Chase & Co. boosted their price objective on Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $195.44.

Hedge Funds Weigh In On Philip Morris International

Hedge funds have recently added to or reduced their stakes in the stock. McIlrath & Eck LLC bought a new stake in shares of Philip Morris International during the second quarter valued at approximately $36,000. WFA of San Diego LLC bought a new position in Philip Morris International in the second quarter worth approximately $41,000. Osterweis Capital Management Inc. increased its holdings in Philip Morris International by 2,280.0% during the 2nd quarter. Osterweis Capital Management Inc. now owns 357 shares of the company's stock worth $65,000 after purchasing an additional 342 shares during the period. Darwin Wealth Management LLC bought a new stake in Philip Morris International during the 2nd quarter valued at $82,000. Finally, Puff Wealth Management LLC purchased a new stake in shares of Philip Morris International in the 2nd quarter worth $210,000. 78.63% of the stock is currently owned by institutional investors.

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.

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