Philip Morris International (NYSE: PM) received an upgraded price target from Barclays, increasing from $220.00 to $225.00 according to a research report released on April 24, 2024. Barclays maintains an *overweight* rating on the stock, signaling confidence in its performance.
Several other research firms have also recently adjusted their ratings for Philip Morris. UBS Group upgraded its rating from *sell* to *neutral* and raised its price target from $130.00 to $170.00. Meanwhile, Bank of America increased its target price on Philip Morris from $182.00 to $200.00 and affirmed a *buy* rating. In addition, Morgan Stanley reiterated its *overweight* rating with a price objective now set at $182.00, up from a previous target of $156.00.
As of now, one analyst has given the stock a *hold* rating, while twelve have assigned a *buy* rating, resulting in a consensus rating of *Moderate Buy* and an average target price of $185.73, according to data from MarketBeat.com.
Quarterly Earnings and Dividend Announcement
Philip Morris International recently reported its quarterly earnings on April 23, 2024. The company achieved earnings of $1.69 per share, surpassing the analysts’ expectations of $1.61 by $0.08. Additionally, the company reported revenues of $9.30 billion, exceeding the anticipated $9.10 billion. This revenue reflects a year-over-year increase of 5.8%.
In conjunction with its earnings announcement, Philip Morris declared a quarterly dividend of $1.35 per share, scheduled for payment on July 15, 2024. Shareholders of record on June 27, 2024, will be eligible for this dividend, which translates to an annualized payment of $5.40 and a yield of 2.99%. The ex-dividend date is also set for June 27, 2024. Notably, the company’s payout ratio stands at 111.34%.
Institutional Trading Activity
Recent institutional trading indicates a growing interest in Philip Morris. For instance, Perigon Wealth Management LLC increased its holdings by 0.4% during the first quarter, acquiring an additional 60 shares and bringing its total to 14,087 shares valued at approximately $2,236,000. Similarly, TBH Global Asset Management LLC raised its stake by 0.9%, now holding 6,932 shares worth $1,100,000.
Other notable movements include NFP Retirement Inc., which increased its stake by 2.5%, and Capital Advisors Wealth Management LLC, which raised its holdings by 2.1%. Overall, institutional investors and hedge funds own 78.63% of the shares in Philip Morris International.
Philip Morris International remains a key player in the tobacco industry, aiming for a smoke-free future with a diversified portfolio that includes both traditional tobacco products and innovative smoke-free alternatives. The company’s product offerings feature well-known brands, including IQOS and ZYN, as well as consumer accessories such as lighters and matches.
As the market reacts to these updates, investors will be closely monitoring Philip Morris International’s performance and the implications of these analyst ratings and financial results.
