Zacks Investment Research upgraded shares of Philip Morris International Inc. (NYSE:PM) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $111.00 target price on the stock.

According to Zacks, “There have been slight upward revision in estimates after Philip Morris posted mixed results in the first half of 2016. Though earnings and sales declined year over year, the results showed improvement upon excluding unfavorable currency impact. The improvement was backed by strong pricing power and better-than-expected volume growth. The extended agreement with Altria regarding the technology sharing and distribution of e-vapor products is also commendable. The company’s unconventional cigarette iQOS (device that provides nicotine hit by heating tobacco instead of burning it) launched nationwide also received favorable response. Moreover, Philip Morris is increasing its foothold in emerging markets through strategic buyouts. However, strict anti-smoking regulations by governments across the world and currency headwinds remain concerns.”

Analyst Recommendations for Philip Morris International (NYSE:PM)

PM has been the topic of several other research reports. Vetr upgraded Philip Morris International from a hold rating to a buy rating and set a $104.50 price objective on the stock in a report on Monday, May 23rd. SBG Securities upgraded Philip Morris International from a sell rating to a hold rating in a report on Wednesday, July 20th. Wells Fargo & Co. reiterated an outperform rating on shares of Philip Morris International in a report on Tuesday, July 19th. Goldman Sachs Group Inc. upgraded Philip Morris International from a neutral rating to a buy rating and lifted their price objective for the stock from $106.00 to $114.00 in a report on Monday, September 12th. Finally, JPMorgan Chase & Co. upgraded Philip Morris International from a neutral rating to an overweight rating and set a $112.00 price objective on the stock in a report on Friday, June 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $104.26.

Shares of Philip Morris International (NYSE:PM) opened at 99.21 on Tuesday. The company has a market cap of $153.91 billion, a price-to-earnings ratio of 23.73 and a beta of 0.97. Philip Morris International has a 52-week low of $78.03 and a 52-week high of $104.20. The firm has a 50 day moving average price of $99.71 and a 200-day moving average price of $99.60.

Philip Morris International (NYSE:PM) last released its quarterly earnings data on Tuesday, July 19th. The company reported $1.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.20 by $0.05. The company earned $6.65 billion during the quarter, compared to analysts’ expectations of $6.77 billion. Philip Morris International had a negative return on equity of 57.28% and a net margin of 8.84%. During the same quarter in the prior year, the firm posted $1.21 EPS. Equities research analysts anticipate that Philip Morris International will post $4.49 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Stockholders of record on Wednesday, September 28th will be given a $1.04 dividend. This is a boost from Philip Morris International’s previous quarterly dividend of $1.02. This represents a $4.16 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date is Monday, September 26th. Philip Morris International’s payout ratio is currently 97.61%.

Hedge funds have recently modified their holdings of the company. Union Bankshares Corp boosted its stake in shares of Philip Morris International by 0.3% in the first quarter. Union Bankshares Corp now owns 42,075 shares of the company’s stock worth $4,128,000 after buying an additional 108 shares in the last quarter. Eqis Capital Management Inc. boosted its stake in shares of Philip Morris International by 30.9% in the first quarter. Eqis Capital Management Inc. now owns 11,264 shares of the company’s stock worth $1,105,000 after buying an additional 2,662 shares in the last quarter. Abner Herrman & Brock LLC boosted its stake in shares of Philip Morris International by 115.7% in the first quarter. Abner Herrman & Brock LLC now owns 15,585 shares of the company’s stock worth $1,529,000 after buying an additional 8,360 shares in the last quarter. PartnerRe Asset Management CORP boosted its stake in shares of Philip Morris International by 1.0% in the first quarter. PartnerRe Asset Management CORP now owns 10,481 shares of the company’s stock worth $1,028,000 after buying an additional 100 shares in the last quarter. Finally, Grassi Investment Management boosted its stake in shares of Philip Morris International by 1.1% in the first quarter. Grassi Investment Management now owns 45,562 shares of the company’s stock worth $4,470,000 after buying an additional 509 shares in the last quarter. 71.22% of the stock is currently owned by hedge funds and other institutional investors.

About Philip Morris International

Philip Morris International Inc is a holding company engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. The Company’s products are sold in over 180 markets. Its segments include European Union; Eastern Europe, Middle East & Africa; Asia, and Latin America & Canada.

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