Philip Morris International Inc. (PM) Rating Increased to Buy at Zacks Investment Research
Philip Morris International Inc. (NYSE:PM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $108.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.38% from the stock’s previous close.
According to Zacks, “Philip Morris has been witnessing upward estimate revisions since the shift in its focus to unconventional tobacco products. The company opened the first-of-its-kind manufacturing facility for the large scale production of non combustible, reduced risk tobacco products. This initiative marks Philip Morris' focus toward growing alternative tobacco products to counter dwindling cigarette shipments volumes. Philip Morris’ strong pricing power supports volume and market share. The agreement with Altria regarding the technology sharing and distribution of e-vapor products is also commendable. The company’s unconventional cigarette iQOS (provides nicotine hit by heating tobacco instead of burning it) also received favorable response. 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.”
Other equities research analysts have also issued reports about the stock. Jefferies Group increased their target price on shares of Philip Morris International to $99.00 in a report on Wednesday. Credit Agricole SA reiterated an “outperform” rating on shares of Philip Morris International in a report on Sunday, September 25th. Citigroup Inc. reiterated a “neutral” rating and set a $106.00 target price on shares of Philip Morris International in a report on Monday, September 26th. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $105.00 target price (up from $99.00) on shares of Philip Morris International in a report on Friday, July 15th. Finally, JPMorgan Chase & Co. upgraded shares of Philip Morris International from a “neutral” rating to an “overweight” rating and set a $112.00 target price on the stock in a report on Friday, June 17th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $104.82.
Philip Morris International (NYSE:PM) opened at 96.10 on Wednesday. The company has a market capitalization of $149.08 billion, a PE ratio of 22.99 and a beta of 0.95. The company has a 50-day moving average price of $99.73 and a 200 day moving average price of $99.79. Philip Morris International has a 52-week low of $81.55 and a 52-week high of $104.20.
Philip Morris International (NYSE:PM) last released its earnings results on Tuesday, July 19th. The company reported $1.15 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.20 by $0.05. The business had revenue of $6.65 billion for the quarter, compared to analyst estimates 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 last year, the company earned $1.21 earnings per share. Equities research analysts anticipate that Philip Morris International will post $4.49 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Stockholders of record on Wednesday, September 28th will be paid a $1.04 dividend. This represents a $4.16 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend is Monday, September 26th. This is a boost from Philip Morris International’s previous quarterly dividend of $1.02. Philip Morris International’s dividend payout ratio (DPR) is 99.52%.
Several hedge funds have recently added to or reduced their stakes in PM. Eqis Capital Management Inc. boosted its stake in Philip Morris International by 22.2% in the third quarter. Eqis Capital Management Inc. now owns 15,395 shares of the company’s stock valued at $1,497,000 after buying an additional 2,800 shares during the period. Lynch & Associates IN boosted its stake in Philip Morris International by 2.2% in the third quarter. Lynch & Associates IN now owns 17,660 shares of the company’s stock valued at $1,717,000 after buying an additional 374 shares during the period. West Oak Capital LLC boosted its stake in Philip Morris International by 1.5% in the third quarter. West Oak Capital LLC now owns 6,075 shares of the company’s stock valued at $591,000 after buying an additional 90 shares during the period. Washington Trust Bank boosted its stake in Philip Morris International by 0.9% in the third quarter. Washington Trust Bank now owns 9,898 shares of the company’s stock valued at $962,000 after buying an additional 85 shares during the period. Finally, LVM Capital Management Ltd. MI boosted its stake in Philip Morris International by 52.2% in the third quarter. LVM Capital Management Ltd. MI now owns 96,490 shares of the company’s stock valued at $8,135,000 after buying an additional 33,098 shares during the period. Institutional investors own 71.22% of the company’s stock.
Philip Morris International Company Profile
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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