Philip Morris International Inc. (PM) Shares Gap Down After Earnings Miss
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.
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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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