Philip Morris International (NYSE:PM) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Philip Morris International (NYSE:PM) issued its quarterly earnings results on Tuesday. The company reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.02, Briefing.com reports. Philip Morris International had a negative return on equity of 113.32% and a net margin of 10.92%. The firm had revenue of $9.47 billion for the quarter, compared to the consensus estimate of $9.19 billion. During the same period in the prior year, the business posted $1.60 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Philip Morris International updated its FY24 guidance to $6.33-6.45 EPS and its Q3 2024 guidance to 1.770-1.820 EPS.

Philip Morris International Price Performance

Philip Morris International stock opened at $113.19 on Friday. The stock has a market capitalization of $175.96 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 2.27 and a beta of 0.58. Philip Morris International has a 1-year low of $87.23 and a 1-year high of $113.68. The business has a fifty day moving average price of $102.99 and a 200-day moving average price of $96.40.

Philip Morris International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Friday, June 21st were given a $1.30 dividend. The ex-dividend date of this dividend was Friday, June 21st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.59%. Philip Morris International’s payout ratio is 101.56%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Bank of America increased their price objective on Philip Morris International from $110.00 to $118.00 and gave the stock a “buy” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price objective on Philip Morris International from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their target price on Philip Morris International from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Thursday. StockNews.com raised Philip Morris International from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Stifel Nicolaus increased their target price on Philip Morris International from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $107.80.

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.