Philip Morris International Inc. (NYSE:PM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage currently has a $108.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.92% from the company’s previous close.
According to Zacks, “Philip Morris has been witnessing upward estimate revisions since the shift in its focus to unconventional tobacco products. The company opened the first-of-its-kind manufacturing facility for the large scale production of non combustible, reduced risk tobacco products. This initiative marks Philip Morris' focus toward growing alternative tobacco products to counter dwindling cigarette shipments volumes. Philip Morris’ strong pricing power supports volume and market share. The agreement with Altria regarding the technology sharing and distribution of e-vapor products is also commendable. The company’s unconventional cigarette iQOS (provides nicotine hit by heating tobacco instead of burning it) also received favorable response. Philip Morris is increasing its foothold in 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 a number of other research reports. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $116.00 price objective (up previously from $114.00) on shares of Philip Morris International in a report on Monday. Wells Fargo & Co. reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Philip Morris International in a report on Thursday, September 22nd. Jefferies Group set a $99.00 price objective on shares of Philip Morris International and gave the stock a “hold” rating in a report on Wednesday. Vetr raised shares of Philip Morris International from a “hold” rating to a “buy” rating and set a $110.00 price objective for the company in a report on Tuesday, September 13th. Finally, SBG Securities raised shares of Philip Morris International from a “sell” rating to a “hold” rating in a report on Wednesday, July 20th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $104.82.
Shares of Philip Morris International (NYSE:PM) opened at 95.64 on Wednesday. The stock has a 50 day moving average of $99.49 and a 200-day moving average of $99.73. The stock has a market capitalization of $148.37 billion, a P/E ratio of 22.88 and a beta of 0.95. Philip Morris International has a 1-year low of $83.27 and a 1-year high of $104.20.
Philip Morris International (NYSE:PM) last released its quarterly earnings results on Tuesday, July 19th. The company reported $1.15 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by $0.05. Philip Morris International had a negative return on equity of 57.28% and a net margin of 8.84%. The company had revenue of $6.65 billion for the quarter, compared to analyst estimates of $6.77 billion. During the same period in the previous year, the business posted $1.21 EPS. Equities research analysts predict that Philip Morris International will post $4.51 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Wednesday, September 28th will be paid a $1.04 dividend. The ex-dividend date is Monday, September 26th. This represents a $4.16 dividend on an annualized basis and a yield of 4.35%. This is a boost from Philip Morris International’s previous quarterly dividend of $1.02. Philip Morris International’s dividend payout ratio (DPR) is currently 99.52%.
A number of institutional investors have recently modified their holdings of PM. LPL Financial LLC boosted its position in shares of Philip Morris International by 4.6% in the first quarter. LPL Financial LLC now owns 541,038 shares of the company’s stock worth $54,209,000 after buying an additional 23,687 shares in the last quarter. Avalon Advisors LLC boosted its position in shares of Philip Morris International by 1.8% in the first quarter. Avalon Advisors LLC now owns 315,696 shares of the company’s stock worth $30,973,000 after buying an additional 5,528 shares in the last quarter. Old Mutual Global Investors UK Ltd. boosted its position in shares of Philip Morris International by 14.0% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 629,482 shares of the company’s stock worth $64,030,000 after buying an additional 77,460 shares in the last quarter. Ferguson Wellman Capital Management Inc. boosted its position in shares of Philip Morris International by 34.8% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 349,682 shares of the company’s stock worth $35,570,000 after buying an additional 90,355 shares in the last quarter. Finally, First Republic Investment Management Inc. boosted its position in shares of Philip Morris International by 12.3% in the first quarter. First Republic Investment Management Inc. now owns 384,210 shares of the company’s stock worth $37,695,000 after buying an additional 42,090 shares in the last quarter. 71.22% of the stock is currently owned by hedge funds and other institutional investors.
About Philip Morris International
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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