Philip Morris International (NYSE:PM) Updates FY24 Earnings Guidance

Philip Morris International (NYSE:PM) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $6.19-6.31 for the period, compared to the consensus earnings per share estimate of $6.35. Philip Morris International also updated its FY 2024 guidance to 6.190-6.310 EPS.

Philip Morris International Stock Down 3.0 %

Shares of PM stock opened at $96.09 on Friday. Philip Morris International has a 52-week low of $87.23 and a 52-week high of $100.79. The stock’s 50-day moving average price is $91.79 and its 200 day moving average price is $92.18. The stock has a market capitalization of $149.38 billion, a PE ratio of 18.77, a price-to-earnings-growth ratio of 2.09 and a beta of 0.61.

Philip Morris International (NYSE:PM) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. Philip Morris International had a negative return on equity of 113.26% and a net margin of 9.83%. The company had revenue of $8.79 billion for the quarter, compared to analyst estimates of $8.44 billion. During the same quarter in the previous year, the company earned $1.38 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. Analysts expect that Philip Morris International will post 6.29 earnings per share for the current fiscal year.

Philip Morris International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 9th. Stockholders of record on Thursday, March 21st were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 5.41%. The ex-dividend date was Wednesday, March 20th. Philip Morris International’s dividend payout ratio (DPR) is 101.56%.

Analyst Ratings Changes

PM has been the topic of several research analyst reports. Societe Generale raised Philip Morris International from a sell rating to a hold rating and set a $87.50 price target on the stock in a research note on Tuesday, February 13th. Stifel Nicolaus upped their target price on Philip Morris International from $108.00 to $115.00 and gave the company a buy rating in a research note on Wednesday. UBS Group lowered Philip Morris International from a buy rating to a sell rating and reduced their target price for the company from $105.00 to $86.50 in a research note on Tuesday, January 23rd. Finally, Argus reaffirmed a hold rating on shares of Philip Morris International in a research note on Tuesday, March 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $105.50.

Insider Buying and Selling at Philip Morris International

In other news, VP Reginaldo Dobrowolski sold 2,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $90.69, for a total transaction of $181,380.00. Following the completion of the sale, the vice president now directly owns 9,726 shares in the company, valued at approximately $882,050.94. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Reginaldo Dobrowolski sold 2,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $90.69, for a total transaction of $181,380.00. Following the completion of the sale, the vice president now directly owns 9,726 shares in the company, valued at approximately $882,050.94. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Massimo Andolina sold 8,250 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $93.63, for a total transaction of $772,447.50. Following the sale, the insider now directly owns 94,629 shares of the company’s stock, valued at $8,860,113.27. The disclosure for this sale can be found here. In the last three months, insiders sold 15,250 shares of company stock worth $1,411,128. Insiders own 0.13% of the company’s stock.

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.