Philip Morris International Inc. (PM) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Philip Morris International Inc. (NYSE:PM) from a buy rating to a hold rating in a report issued on Tuesday.

According to Zacks, “Estimates have largely remained unchanged after Philip Morris reported its third-quarter 2016 results, where earnings of $1.25 per share beat the Zacks Consensus Estimate as well as year-ago results by 1.62% and 1.25% respectively. Revenues of $7 billion came in-line with Zacks Consensus Estimate and gained 1% year over year due to higher sales in Asia and European Union region. Overall, the company’s strong portfolio of tobacco brands and pricing power are encouraging. The Heatsticks and IQOS product category are gaining popularity after they were expanded nationally during the quarter. Philip Morris remains focused on the growing e-cigarette category and less harmful alternative tobacco products to cater to changing consumer preferences. It is also increasing its presence in the emerging markets through strategic buyouts. However, strict anti-smoking regulations by governments across the world and currency headwinds remain concerns.”

PM has been the subject of several other reports. Vetr raised shares of Philip Morris International from a buy rating to a strong-buy rating and set a $105.06 price objective for the company in a research note on Thursday, November 10th. Jefferies Group reaffirmed a hold rating and set a $101.00 price objective (up from $99.00) on shares of Philip Morris International in a research note on Saturday, October 22nd. Citigroup Inc. reaffirmed a neutral rating and set a $106.00 price objective on shares of Philip Morris International in a research note on Friday, October 21st. Goldman Sachs Group Inc. reaffirmed a buy rating and set a $118.00 price objective (up from $116.00) on shares of Philip Morris International in a research note on Friday, October 21st. Finally, Morgan Stanley reaffirmed an overweight rating and set a $110.00 price objective on shares of Philip Morris International in a research note on Tuesday, September 27th. Eight investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $105.13.

Philip Morris International (NYSE:PM) opened at 89.09 on Tuesday. The company has a market capitalization of $138.21 billion, a price-to-earnings ratio of 21.31 and a beta of 0.91. The company has a 50 day moving average of $96.28 and a 200 day moving average of $99.09. Philip Morris International has a 52 week low of $83.33 and a 52 week high of $104.20.

Philip Morris International (NYSE:PM) last announced its quarterly earnings results on Tuesday, October 18th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.02. Philip Morris International had a net margin of 8.77% and a negative return on equity of 59.94%. The company had revenue of $6.98 billion for the quarter, compared to analysts’ expectations of $7.01 billion. During the same quarter in the previous year, the business posted $1.24 earnings per share. Philip Morris International’s quarterly revenue was up .8% on a year-over-year basis. On average, equities analysts forecast that Philip Morris International will post $4.53 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the company. D.A. Davidson & CO. increased its position in shares of Philip Morris International by 5.2% in the third quarter. D.A. Davidson & CO. now owns 119,685 shares of the company’s stock worth $11,631,000 after buying an additional 5,910 shares in the last quarter. Sheets Smith Wealth Management increased its position in shares of Philip Morris International by 0.3% in the third quarter. Sheets Smith Wealth Management now owns 7,248 shares of the company’s stock worth $705,000 after buying an additional 19 shares in the last quarter. Whalerock Point Partners LLC purchased a new position in shares of Philip Morris International during the third quarter worth approximately $527,000. Brinker Capital Inc. increased its position in shares of Philip Morris International by 74.5% in the third quarter. Brinker Capital Inc. now owns 11,991 shares of the company’s stock worth $1,178,000 after buying an additional 5,118 shares in the last quarter. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of Philip Morris International during the third quarter worth approximately $31,039,000. Institutional investors and hedge funds own 71.01% of the company’s stock.

Philip Morris International Company Profile

Philip Morris International Inc is a holding company engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. The Company’s products are sold in over 180 markets. Its segments include European Union; Eastern Europe, Middle East & Africa; Asia, and Latin America & Canada.

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