Philip Morris International Inc. (PM) Cut to “Hold” at Zacks Investment Research
Philip Morris International Inc. (NYSE:PM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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.”
Several other equities research analysts have also recently issued reports on PM. Goldman Sachs Group Inc. raised Philip Morris International from a “neutral” rating to a “buy” rating and raised their target price for the stock from $106.00 to $114.00 in a research note on Monday, September 12th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Philip Morris International in a research note on Thursday. Jefferies Group started coverage on Philip Morris International in a research note on Wednesday. They issued a “hold” rating and a $96.00 price objective for the company. Citigroup Inc. started coverage on Philip Morris International in a research note on Tuesday, September 13th. They issued a “neutral” rating and a $106.00 price objective for the company. Finally, SBG Securities raised Philip Morris International from a “sell” rating to a “hold” rating in a research note on Wednesday, July 20th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $104.06.
Shares of Philip Morris International (NYSE:PM) traded up 0.11% on Friday, reaching $101.83. The company had a trading volume of 1,645,511 shares. The company has a 50 day moving average of $99.80 and a 200-day moving average of $99.63. The company has a market capitalization of $157.97 billion, a P/E ratio of 24.36 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.
Philip Morris International (NYSE:PM) last posted its earnings results on Tuesday, July 19th. The company reported $1.15 earnings per share (EPS) for the quarter, missing the 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 period last year, the business earned $1.21 EPS. Analysts predict that Philip Morris International will post $4.49 earnings per share for the current fiscal 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 given a dividend of $1.04 per share. The ex-dividend date of this dividend is Monday, September 26th. This represents a $4.16 dividend on an annualized basis and a dividend yield of 4.09%. This is a boost from Philip Morris International’s previous quarterly dividend of $1.02. Philip Morris International’s payout ratio is 97.61%.
Hedge funds have recently bought and sold shares of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Philip Morris International by 233.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 1,000 shares of the company’s stock worth $101,000 after buying an additional 700 shares during the period. Glassman Wealth Services boosted its stake in Philip Morris International by 0.4% in the second quarter. Glassman Wealth Services now owns 1,000 shares of the company’s stock worth $102,000 after buying an additional 4 shares during the period. Acropolis Investment Management LLC boosted its stake in Philip Morris International by 0.5% in the second quarter. Acropolis Investment Management LLC now owns 1,054 shares of the company’s stock worth $107,000 after buying an additional 5 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Philip Morris International during the second quarter worth approximately $113,000. Finally, FNY Managed Accounts LLC boosted its stake in Philip Morris International by 257.1% in the second quarter. FNY Managed Accounts LLC now owns 1,250 shares of the company’s stock worth $127,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds 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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