Philip Morris International Inc. (PM) Rating Increased to Buy at Zacks Investment Research
Philip Morris International Inc. (NYSE:PM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $111.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.88% from the company’s current price.
According to Zacks, “There have been slight upward revision in estimates after Philip Morris posted mixed results in the first half of 2016. Though earnings and sales declined year over year, the results showed improvement upon excluding unfavorable currency impact. The improvement was backed by strong pricing power and better-than-expected volume growth. The extended agreement with Altria regarding the technology sharing and distribution of e-vapor products is also commendable. The company’s unconventional cigarette iQOS (device that provides nicotine hit by heating tobacco instead of burning it) launched nationwide also received favorable response. Moreover, 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 several other reports. Citigroup Inc. started coverage on shares of Philip Morris International in a research note on Tuesday, September 13th. They issued a “neutral” rating and a $106.00 target price for the company. SBG Securities raised shares of Philip Morris International from a “sell” rating to a “hold” rating in a research report on Wednesday, July 20th. Wells Fargo & Co. reaffirmed an “outperform” rating on shares of Philip Morris International in a research report on Tuesday, July 19th. Vetr raised shares of Philip Morris International from a “hold” rating to a “buy” rating and set a $104.50 price objective for the company in a research report on Monday, May 23rd. Finally, Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $105.00 price objective (up from $99.00) on shares of Philip Morris International in a research report on Friday, July 15th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $104.60.
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Shares of Philip Morris International (NYSE:PM) traded up 0.39% during midday trading on Tuesday, hitting $99.21. 2,757,143 shares of the company were exchanged. The company has a market capitalization of $153.91 billion, a P/E ratio of 23.73 and a beta of 0.97. The company has a 50-day moving average of $99.74 and a 200 day moving average of $99.57. Philip Morris International has a one year low of $78.03 and a one year high of $104.20.
Philip Morris International (NYSE:PM) last released its earnings results on Tuesday, July 19th. The company reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.20 by $0.05. Philip Morris International had a net margin of 8.84% and a negative return on equity of 57.28%. The firm earned $6.65 billion during the quarter, compared to the consensus estimate of $6.77 billion. During the same period in the prior year, the business posted $1.21 earnings per share. On average, equities research analysts expect that Philip Morris International will post $4.49 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Wednesday, September 28th will be paid a dividend of $1.04 per share. This is an increase from Philip Morris International’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Monday, September 26th. This represents a $4.16 annualized dividend and a yield of 4.19%. Philip Morris International’s payout ratio is presently 97.61%.
A number of hedge funds and other institutional investors have recently modified their holdings of PM. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in shares of Philip Morris International by 233.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 1,000 shares of the company’s stock valued at $101,000 after buying an additional 700 shares during the last quarter. Glassman Wealth Services increased its position in shares of Philip Morris International by 0.4% in the second quarter. Glassman Wealth Services now owns 1,000 shares of the company’s stock valued at $102,000 after buying an additional 4 shares during the last quarter. Acropolis Investment Management LLC increased its position in shares of Philip Morris International by 0.5% in the second quarter. Acropolis Investment Management LLC now owns 1,054 shares of the company’s stock valued at $107,000 after buying an additional 5 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Philip Morris International during the second quarter valued at $113,000. Finally, FNY Managed Accounts LLC boosted its stake in Philip Morris International by 257.1% in the second quarter. FNY Managed Accounts LLC now owns 1,250 shares of the company’s stock valued at $127,000 after buying an additional 900 shares during the period. 71.61% of the stock is 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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