Zacks Investment Research Upgrades Philip Morris International Inc. (PM) to Buy
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 Tuesday. The firm presently has a $111.00 price objective on the stock. Zacks Investment Research’s price objective suggests a potential upside of 10.28% from the company’s previous close.
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.”
PM has been the topic of a number of other research reports. Wells Fargo & Co. reissued an “outperform” rating on shares of Philip Morris International in a research report on Thursday, September 15th. Vetr raised Philip Morris International from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Tuesday, September 13th. Citigroup Inc. started coverage on Philip Morris International in a research report on Tuesday, September 13th. They set a “neutral” rating and a $106.00 price target on the stock. Goldman Sachs Group Inc. raised Philip Morris International from a “neutral” rating to a “buy” rating and increased their price target for the stock from $106.00 to $114.00 in a research report on Monday, September 12th. Finally, SBG Securities raised Philip Morris International from a “sell” rating to a “hold” rating in a research report on Wednesday, July 20th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Philip Morris International presently has a consensus rating of “Buy” and a consensus price target of $104.06.
Philip Morris International (NYSE:PM) opened at 100.65 on Tuesday. Philip Morris International has a 12 month low of $78.03 and a 12 month high of $104.20. The stock has a market cap of $156.14 billion, a price-to-earnings ratio of 24.08 and a beta of 0.97. The firm has a 50-day moving average price of $99.73 and a 200-day moving average price of $99.61.
Philip Morris International (NYSE:PM) last announced 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 business earned $6.65 billion during the quarter, compared to the consensus estimate of $6.77 billion. Philip Morris International had a net margin of 8.84% and a negative return on equity of 57.28%. During the same period last year, the company earned $1.21 EPS. Equities research analysts expect that Philip Morris International will post $4.49 earnings per share for the current fiscal year.
The company also recently disclosed 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 4.13%. This is a boost from Philip Morris International’s previous quarterly dividend of $1.02. The ex-dividend date is Monday, September 26th. Philip Morris International’s dividend payout ratio (DPR) is presently 97.61%.
Several hedge funds and other institutional investors have recently made changes to their positions in PM. Emerald Acquisition Ltd. purchased a new position in shares of Philip Morris International during the second quarter valued at about $272,521,000. Vanguard Group Inc. raised its stake in Philip Morris International by 2.6% in the second quarter. Vanguard Group Inc. now owns 99,323,022 shares of the company’s stock valued at $10,103,138,000 after buying an additional 2,501,571 shares during the period. State Street Corp raised its stake in Philip Morris International by 3.3% in the first quarter. State Street Corp now owns 57,800,062 shares of the company’s stock valued at $5,670,770,000 after buying an additional 1,821,500 shares during the period. Bank of Montreal Can bought a new stake in Philip Morris International during the second quarter valued at approximately $173,009,000. Finally, BlackRock Fund Advisors raised its stake in Philip Morris International by 6.6% in the second quarter. BlackRock Fund Advisors now owns 25,591,100 shares of the company’s stock valued at $2,603,127,000 after buying an additional 1,590,036 shares during the period. Hedge funds and other 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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