Philip Morris International Inc (PM) Rating Lowered to Hold at Zacks Investment Research
Philip Morris International Inc (NYSE:PM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “After a dismal first quarter, Philip Morris again posted weaker-than-expected second-quarter 2017 results, wherein both earnings and revenues lagged the Zacks Consensus Estimate. While earnings per share of $1.14 dipped 0.9% from the year-ago quarter due to lower cigarette volumes, net revenue was up 4.0% year-over-year driven by higher iQOS device sales, as well as favorable pricing and volume/mix. It is encouraging that the company is churning its portfolio and taking steps to develop smoke-free products as customers are shifting away from tobacco products. In fact, Philip Morris remains focused on the growing e-cigarettes and less harmful alternative products such as heatsticks and iQOS products. Shares of the company also outperformed the Zacks categorized industry in the past six months. However, strict government regulations from around the world, declining demand for cigarettes and currency headwinds remain major concerns for the company.”
A number of other research firms have also weighed in on PM. TheStreet raised Philip Morris International from a “c+” rating to a “b-” rating in a research report on Thursday. Berenberg Bank set a $96.00 price objective on Philip Morris International and gave the stock a “hold” rating in a research report on Saturday, June 24th. Vetr raised Philip Morris International from a “sell” rating to a “hold” rating and set a $111.99 price objective on the stock in a research report on Tuesday, May 16th. Wells Fargo & Company reaffirmed an “outperform” rating on shares of Philip Morris International in a research report on Friday, June 9th. Finally, Bank of America Corporation upped their price objective on Philip Morris International from $123.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday, July 10th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $121.46.
Shares of Philip Morris International (NYSE PM) traded down 0.03% during mid-day trading on Monday, reaching $119.54. The company’s stock had a trading volume of 1,351,322 shares. The stock has a 50 day moving average of $119.65 and a 200-day moving average of $110.40. Philip Morris International has a one year low of $86.78 and a one year high of $123.55. The stock has a market cap of $185.65 billion, a P/E ratio of 26.49 and a beta of 0.94.
Philip Morris International (NYSE:PM) last posted its quarterly earnings data on Thursday, July 20th. The company reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by $0.09. Philip Morris International had a negative return on equity of 66.18% and a net margin of 9.36%. The company had revenue of $6.92 billion for the quarter, compared to analysts’ expectations of $7.11 billion. During the same period in the prior year, the company posted $1.15 EPS. The firm’s revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts expect that Philip Morris International will post $4.86 EPS for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in PM. Fundsmith LLP increased its position in Philip Morris International by 11.6% in the second quarter. Fundsmith LLP now owns 4,367,647 shares of the company’s stock valued at $444,277,000 after buying an additional 454,367 shares in the last quarter. LPL Financial LLC increased its position in Philip Morris International by 4.6% in the first quarter. LPL Financial LLC now owns 541,038 shares of the company’s stock valued at $54,209,000 after buying an additional 23,687 shares in the last quarter. Fisher Asset Management increased its position in Philip Morris International by 17.3% in the fourth quarter. Fisher Asset Management now owns 18,222 shares of the company’s stock valued at $1,602,000 after buying an additional 2,692 shares in the last quarter. Daiwa SB Investments Ltd. increased its position in Philip Morris International by 12.6% in the third quarter. Daiwa SB Investments Ltd. now owns 102,240 shares of the company’s stock valued at $9,940,000 after buying an additional 11,430 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in Philip Morris International by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 94,208,305 shares of the company’s stock valued at $8,281,852,000 after buying an additional 3,019,182 shares in the last quarter. Institutional investors own 72.33% of the company’s stock.
About Philip Morris International
Philip Morris International Inc is a holding company. The Company is engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. Its segments include European Union (EU); Eastern Europe, Middle East & Africa (EEMA); Asia, and Latin America & Canada.
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