Philip Morris International Inc (PM) Upgraded to Hold by Zacks Investment Research
Philip Morris International Inc (NYSE:PM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Shares of Philip Morris have declined in the past three months, underperforming the industry. Though the company has been benefiting from enhanced volumes and revenues in the reduced risk products category, it has been suffering majorly due to consistent declines in cigarette volumes stemming from the shift of customer preference away from tobacco products. Owing to such headwinds, Phillip Morris continued with its drab performance in third-quarter 2017, wherein both earnings and revenues lagged the Zacks Consensus Estimate. These factors also compelled management to lower its 2017 view. Nevertheless, Philip Morris’ consistent efforts to improve the performance of its low risk products remain encouraging. In this category, the company’s IQOS smokeless cigarette have been steadily expanding owing to consumer demand. Higher cigarette pricing has also been favoring the company.”
Several other equities analysts have also weighed in on PM. Piper Jaffray Companies reiterated a “buy” rating and issued a $130.00 target price on shares of Philip Morris International in a report on Sunday, October 22nd. SBG Securities upgraded shares of Philip Morris International from a “sell” rating to a “hold” rating and boosted their target price for the company from $118.00 to $119.00 in a report on Friday, August 11th. Jefferies Group LLC reiterated a “hold” rating and issued a $114.00 target price on shares of Philip Morris International in a report on Friday, October 20th. Citigroup Inc. decreased their target price on shares of Philip Morris International from $125.00 to $117.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Finally, BidaskClub lowered shares of Philip Morris International from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Philip Morris International presently has a consensus rating of “Buy” and a consensus target price of $124.62.
Shares of Philip Morris International (PM) traded down 1.04% on Monday, hitting $104.84. 1,598,810 shares of the company were exchanged. The firm’s 50-day moving average is $112.57 and its 200-day moving average is $115.50. Philip Morris International has a 52-week low of $86.78 and a 52-week high of $123.55. The stock has a market capitalization of $162.84 billion, a PE ratio of 23.23 and a beta of 0.93.
Philip Morris International (NYSE:PM) last posted its quarterly earnings results on Thursday, October 19th. The company reported $1.27 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.11). The business had revenue of $7.50 billion for the quarter, compared to analyst estimates of $7.75 billion. Philip Morris International had a negative return on equity of 67.59% and a net margin of 9.32%. The business’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Equities research analysts predict that Philip Morris International will post $4.75 earnings per share for the current year.
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In related news, Chairman Louis C. Camilleri sold 108,979 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $108.38, for a total transaction of $11,811,144.02. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Drago Azinovic sold 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $116.00, for a total transaction of $1,624,000.00. The disclosure for this sale can be found here. 0.23% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Guidant Wealth Advisors increased its stake in Philip Morris International by 25.5% during the 2nd quarter. Guidant Wealth Advisors now owns 939 shares of the company’s stock worth $110,000 after buying an additional 191 shares during the period. Welch Investments LLC purchased a new stake in Philip Morris International during the 1st quarter worth approximately $113,000. American Beacon Advisors Inc. purchased a new stake in Philip Morris International during the 1st quarter worth approximately $114,000. Vantage Investment Advisors LLC increased its stake in Philip Morris International by 1.0% during the 2nd quarter. Vantage Investment Advisors LLC now owns 1,033 shares of the company’s stock worth $121,000 after buying an additional 10 shares during the period. Finally, Acropolis Investment Management LLC increased its stake in Philip Morris International by 0.5% during the 2nd quarter. Acropolis Investment Management LLC now owns 1,045 shares of the company’s stock worth $123,000 after buying an additional 5 shares during the period. 72.20% of the stock is currently owned by hedge funds and other institutional investors.
Philip Morris International Company Profile
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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