Philip Morris International (NYSE:PM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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.”

A number of other brokerages also recently issued reports on PM. Cowen restated a “buy” rating and set a $135.00 price target on shares of Philip Morris International in a report on Tuesday, August 22nd. Piper Jaffray Companies set a $134.00 target price on shares of Philip Morris International and gave the company a “buy” rating in a report on Saturday, August 19th. Jefferies Group reiterated a “hold” rating and issued a $120.00 target price (down previously from $121.00) on shares of Philip Morris International in a report on Thursday, August 24th. Wells Fargo & Company reiterated an “outperform” rating and issued a $140.00 target price on shares of Philip Morris International in a report on Tuesday, October 10th. Finally, Goldman Sachs Group upgraded shares of Philip Morris International from a “buy” rating to a “conviction-buy” rating and set a $135.00 target price for the company in a report on Thursday, September 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Philip Morris International has an average rating of “Hold” and a consensus price target of $124.23.

Shares of Philip Morris International (NYSE PM) traded down $0.11 during midday trading on Monday, hitting $106.59. 4,611,900 shares of the stock were exchanged, compared to its average volume of 4,130,480. The firm has a market cap of $165,555.89, a P/E ratio of 23.74, a P/E/G ratio of 2.15 and a beta of 0.90. The company has a debt-to-equity ratio of -2.91, a current ratio of 1.13 and a quick ratio of 0.68. Philip Morris International has a fifty-two week low of $88.90 and a fifty-two week high of $123.55.

Philip Morris International (NYSE:PM) last announced its quarterly earnings results on Thursday, October 19th. The company reported $1.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.38 by ($0.11). The firm 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 firm’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 EPS. equities research analysts forecast that Philip Morris International will post 4.75 earnings per share for the current fiscal year.

In other Philip Morris International news, Chairman Louis C. Camilleri sold 108,979 shares of the firm’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 value of $11,811,144.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.23% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Philip Morris International by 2.7% during the second quarter. Vanguard Group Inc. now owns 111,475,174 shares of the company’s stock worth $13,092,759,000 after acquiring an additional 2,972,929 shares during the period. BlackRock Inc. increased its stake in shares of Philip Morris International by 2.7% during the second quarter. BlackRock Inc. now owns 91,796,829 shares of the company’s stock worth $10,781,538,000 after acquiring an additional 2,421,533 shares during the period. State Street Corp increased its stake in shares of Philip Morris International by 1.8% during the first quarter. State Street Corp now owns 59,926,871 shares of the company’s stock worth $6,766,079,000 after acquiring an additional 1,058,408 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Philip Morris International by 1.0% during the third quarter. Price T Rowe Associates Inc. MD now owns 43,237,185 shares of the company’s stock worth $4,203,519,000 after acquiring an additional 448,142 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Philip Morris International by 0.4% during the third quarter. BlackRock Institutional Trust Company N.A. now owns 39,355,323 shares of the company’s stock worth $3,826,125,000 after acquiring an additional 163,627 shares during the period. 72.63% of the stock is owned by institutional investors and hedge funds.

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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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