Shares of Philip Morris International Inc. (NYSE:PM) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $118.67, but opened at $113.91. Philip Morris International shares last traded at $109.98, with a volume of 9,706,808 shares changing hands.

The company reported $0.98 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by $0.05. The business earned $6.06 billion during the quarter, compared to analyst estimates of $6.47 billion. Philip Morris International had a negative return on equity of 64.94% and a net margin of 9.30%. The business’s revenue for the quarter was down .3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 EPS.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 11th. Stockholders of record on Thursday, March 23rd were paid a $1.04 dividend. The ex-dividend date was Tuesday, March 21st. This represents a $4.16 annualized dividend and a dividend yield of 3.78%. Philip Morris International’s dividend payout ratio is currently 92.86%.

PM has been the topic of several recent research reports. Vetr cut shares of Philip Morris International from a “strong-buy” rating to a “buy” rating and set a $98.02 price objective on the stock. in a research note on Monday, January 2nd. Goldman Sachs Group Inc reaffirmed a “buy” rating and issued a $102.00 price objective (down previously from $109.00) on shares of Philip Morris International in a research note on Tuesday, January 10th. Citigroup Inc reaffirmed a “buy” rating on shares of Philip Morris International in a research note on Wednesday, February 8th. Zacks Investment Research raised shares of Philip Morris International from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a research note on Wednesday, March 29th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $104.00 price objective on shares of Philip Morris International in a research note on Friday, February 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $111.57.

In other Philip Morris International news, CEO Andre Calantzopoulos sold 35,000 shares of Philip Morris International stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $102.65, for a total value of $3,592,750.00. Following the completion of the sale, the chief executive officer now directly owns 787,671 shares in the company, valued at $80,854,428.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.25% of the company’s stock.

A number of hedge funds have recently bought and sold shares of PM. 1st Global Advisors Inc. boosted its stake in Philip Morris International by 4.2% in the third quarter. 1st Global Advisors Inc. now owns 19,259 shares of the company’s stock worth $1,872,000 after buying an additional 770 shares during the period. Parsec Financial Management Inc. boosted its stake in Philip Morris International by 1.2% in the third quarter. Parsec Financial Management Inc. now owns 5,781 shares of the company’s stock worth $562,000 after buying an additional 67 shares during the period. Meeder Asset Management Inc. boosted its stake in Philip Morris International by 21.5% in the third quarter. Meeder Asset Management Inc. now owns 57,379 shares of the company’s stock worth $5,578,000 after buying an additional 10,164 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management boosted its stake in Philip Morris International by 7.9% in the third quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,181 shares of the company’s stock worth $406,000 after buying an additional 307 shares during the period. Finally, Greenleaf Trust boosted its stake in Philip Morris International by 43.1% in the third quarter. Greenleaf Trust now owns 14,674 shares of the company’s stock worth $1,427,000 after buying an additional 4,419 shares during the period. Hedge funds and other institutional investors own 71.65% of the company’s stock.

The firm has a market capitalization of $170.62 billion, a PE ratio of 24.55 and a beta of 0.94. The stock’s 50 day moving average price is $112.40 and its 200-day moving average price is $99.25. Philip Morris International also was the target of some unusual options trading on Thursday. Traders acquired 1,051 put options on the company. This represents an increase of approximately 487% compared to the average volume of 179 put options.

WARNING: This piece was first reported by Watch List News and is owned by of Watch List News. If you are reading this piece on another domain, it was illegally copied and reposted in violation of United States and international copyright and trademark legislation. The correct version of this piece can be accessed at http://www.watchlistnews.com/philip-morris-international-inc-pm-shares-gap-down-after-earnings-miss/1205941.html.

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.

5 Day Chart for NYSE:PM

Receive News & Ratings for Philip Morris International Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Philip Morris International Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.