Philip Morris International (NYSE:PM) Stock Price Breaks Below 50 Day Moving Average - Here's Why

Key Points

• Shares fell below their 50-day moving average, trading as low as $192.26 versus the average of $195.59; the stock was reported down 2.4%.
• Analysts maintain a Moderate Buy consensus, with an average price target of $212.40; recent firms raised targets, including Stifel to $232.
• Philip Morris beat quarterly estimates, reporting EPS of $2.36 and revenue of $11.44 billion, while revenue grew 5.5% year over year. Its quarterly dividend increased to $1.60 per share, equivalent to a 3.3% yield.

Philip Morris International Inc. (NYSE:PM - Get Free Report)'s share price passed below its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $195.59 and traded as low as $192.26. Philip Morris International shares last traded at $193.1610, with a volume of 7,329,974 shares changing hands.

Analyst Ratings Changes

Several research firms have recently commented on PM. Needham & Company LLC boosted their target price on shares of Philip Morris International from $215.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, October 22nd. Citigroup raised their target price on shares of Philip Morris International from $210.00 to $225.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. 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. Stifel Nicolaus boosted their price target on shares of Philip Morris International from $205.00 to $232.00 and gave the stock a "buy" rating in a research note on Tuesday, November 3rd. Finally, Weiss Ratings raised shares of Philip Morris International from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $212.40.

Philip Morris International Trading Down 2.4%

The stock has a 50 day simple moving average of $195.59 and a 200-day simple moving average of $182.93. The firm has a market cap of $301.07 billion, a P/E ratio of 28.20, a P/E/G ratio of 2.83 and a beta of 0.34.

Philip Morris International (NYSE:PM - Get Free Report) last posted its earnings results on Wednesday, October 21st. The company reported $2.36 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.06. Philip Morris International had a negative return on equity of 183.96% and a net margin of 10.73%. The firm had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $11.32 billion. During the same period in the prior year, the company earned $2.24 EPS. The company's quarterly revenue was up 5.5% compared to the same quarter last year. As a group, equities analysts forecast that Philip Morris International Inc. will post 8.32 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Friday, October 2nd were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.3%. This is an increase from Philip Morris International's previous quarterly dividend of $1.47. The ex-dividend date was Friday, October 2nd. Philip Morris International's dividend payout ratio (DPR) is 93.43%.

Hedge Funds Weigh In On Philip Morris International

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd purchased a new position in Philip Morris International in the second quarter worth about $29,000. Financial Freedom LLC purchased a new stake in Philip Morris International during the third quarter valued at approximately $30,000. Wilkerson Advisory Group LLC raised its position in Philip Morris International by 109.2% during the first quarter. Wilkerson Advisory Group LLC now owns 205 shares of the company's stock valued at $34,000 after purchasing an additional 107 shares during the period. Kelly Lawrence W & Associates Inc. CA purchased a new stake in Philip Morris International during the second quarter valued at approximately $34,000. Finally, Kilter Group LLC bought a new stake in shares of Philip Morris International in the 2nd quarter valued at approximately $35,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

About Philip Morris International

Philip Morris International is a global tobacco and nicotine company that develops, manufactures and sells cigarettes and smoke-free products. Its cigarette brands include Marlboro in markets outside the United States, along with other regional and international brands.

The company's smoke-free portfolio includes IQOS heated tobacco products, ZYN nicotine pouches and VEEV e-vapor products. Philip Morris International sells its products in markets around the world, with availability varying by country and subject to local regulations.

Philip Morris International became an independent publicly traded company in 2008 after separating from Altria Group.

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