Philip Morris International Inc. (PM) Upgraded 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 research report issued to clients and investors on Tuesday. The brokerage presently has a $111.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 12.33% 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.”
Other equities analysts have also issued reports about the stock. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $105.00 price objective (up from $99.00) on shares of Philip Morris International in a research report on Friday, July 15th. Vetr raised shares of Philip Morris International from a “hold” rating to a “buy” rating and set a $105.50 price objective for the company in a research report on Monday, June 20th. Wells Fargo & Co. reaffirmed an “outperform” rating on shares of Philip Morris International in a research report on Thursday, September 15th. JPMorgan Chase & Co. raised shares of Philip Morris International from a “neutral” rating to an “overweight” rating and set a $112.00 price objective for the company in a research report on Friday, June 17th. Finally, SBG Securities raised shares of Philip Morris International from a “sell” rating to a “hold” rating in a research report on Wednesday, July 20th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Philip Morris International has a consensus rating of “Buy” and an average target price of $104.60.
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Shares of Philip Morris International (NYSE:PM) traded up 0.51% during trading on Tuesday, reaching $99.32. 275,512 shares of the company’s stock traded hands. Philip Morris International has a one year low of $78.03 and a one year high of $104.20. The company has a 50 day moving average price of $99.74 and a 200-day moving average price of $99.57. The stock has a market cap of $154.08 billion, a P/E ratio of 23.76 and a beta of 0.97.
Philip Morris International (NYSE:PM) last released its quarterly earnings results on Tuesday, July 19th. The company reported $1.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by $0.05. The firm had revenue of $6.65 billion for the quarter, compared to analysts’ expectations of $6.77 billion. Philip Morris International had a net margin of 8.84% and a negative return on equity of 57.28%. During the same period in the previous year, the company posted $1.21 earnings per share. On average, equities research analysts expect that Philip Morris International will post $4.49 EPS 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 4.21%. 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 97.61%.
A number of large investors have recently added to or reduced their stakes in the stock. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in 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 worth $101,000 after buying an additional 700 shares in the last quarter. Glassman Wealth Services raised 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 worth $102,000 after buying an additional 4 shares during the last quarter. Acropolis Investment Management LLC raised 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 worth $107,000 after buying an additional 5 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Philip Morris International during the second quarter worth $113,000. Finally, FNY Managed Accounts LLC raised its position in shares of Philip Morris International by 257.1% in the second quarter. FNY Managed Accounts LLC now owns 1,250 shares of the company’s stock worth $127,000 after buying an additional 900 shares during the last quarter. 71.61% 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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