Zacks Investment Research upgraded shares of Philip Morris International Inc. (NYSE:PM) from a sell rating to a hold rating in a research note released on Monday, October 30th.
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.”
PM has been the topic of a number of other reports. TheStreet upgraded shares of Philip Morris International from a c+ rating to a b- rating in a research note on Thursday, July 20th. Goldman Sachs Group, Inc. (The) reaffirmed a buy rating and issued a $133.00 price target (down from $134.00) on shares of Philip Morris International in a report on Saturday, July 22nd. Citigroup Inc. reaffirmed a neutral rating and issued a $125.00 price target (down from $128.00) on shares of Philip Morris International in a report on Monday, July 24th. Piper Jaffray Companies reaffirmed an overweight rating and issued a $134.00 price target on shares of Philip Morris International in a report on Monday, July 31st. Finally, Bank of America Corporation upped their price target on Philip Morris International from $123.00 to $124.00 and gave the company a neutral rating in a report on Monday, July 10th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $124.62.
Shares of Philip Morris International (NYSE:PM) traded up $0.56 during trading hours on Monday, reaching $103.02. 4,935,200 shares of the company’s stock were exchanged, compared to its average volume of 4,375,226. The company has a debt-to-equity ratio of -2.91, a current ratio of 1.13 and a quick ratio of 0.68. The stock has a market capitalization of $160,010.97, a price-to-earnings ratio of 22.94, a PEG ratio of 2.08 and a beta of 0.91. Philip Morris International has a one year low of $86.78 and a one year high of $123.55.
Philip Morris International (NYSE:PM) last issued 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 business had revenue of $7.50 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the company earned $1.25 earnings per share. equities analysts forecast that Philip Morris International will post 4.76 earnings per share for the current fiscal year.
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In other news, Chairman Louis C. Camilleri sold 108,979 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was 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. Also, insider Drago Azinovic sold 14,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $116.00, for a total value of $1,624,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.23% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted 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 valued at $13,092,759,000 after acquiring an additional 2,972,929 shares during the last quarter. BlackRock Inc. boosted 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 valued at $10,781,538,000 after acquiring an additional 2,421,533 shares during the last quarter. State Street Corp boosted 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 valued at $6,766,079,000 after acquiring an additional 1,058,408 shares during the last quarter. FMR LLC boosted its stake in shares of Philip Morris International by 12.5% during the second quarter. FMR LLC now owns 20,919,201 shares of the company’s stock valued at $2,456,960,000 after acquiring an additional 2,330,864 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Philip Morris International by 2.9% during the second quarter. Legal & General Group Plc now owns 7,422,457 shares of the company’s stock valued at $871,687,000 after acquiring an additional 210,869 shares during the last quarter. 72.25% of the stock is currently owned by institutional investors and hedge funds.
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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