Philip Morris International (NYSE:PM) Sees Large Volume Increase Following Strong Earnings

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Shares of Philip Morris International Inc. (NYSE:PM) saw unusually-high trading volume on Thursday following a better than expected earnings announcement. Approximately 11,989,485 shares traded hands during mid-day trading, an increase of 120% from the previous session’s volume of 5,455,696 shares.The stock last traded at $87.71 and had previously closed at $81.05.

The company reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.13. The business had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.42 billion. Philip Morris International had a negative return on equity of 78.74% and a net margin of 9.74%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same period last year, the firm posted $1.41 EPS.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Investors of record on Friday, June 21st were given a dividend of $1.14 per share. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $4.56 annualized dividend and a dividend yield of 5.20%. Philip Morris International’s payout ratio is 89.41%.

A number of equities research analysts recently issued reports on PM shares. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Thursday, May 23rd. Morgan Stanley set a $207.00 price objective on Alibaba Group and gave the stock a “buy” rating in a report on Friday, July 12th. Citigroup lifted their price objective on Philip Morris International from $90.00 to $102.00 and gave the stock a “buy” rating in a report on Monday, March 25th. Zacks Investment Research upgraded Investors Real Estate Trust Reit from a “sell” rating to a “hold” rating in a report on Thursday, May 23rd. Finally, Bank of America set a $120.00 price objective on Walmart and gave the stock a “buy” rating in a report on Friday, May 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $92.00.

In other news, Director Louis C. Camilleri sold 70,000 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $83.54, for a total transaction of $5,847,800.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mario Masseroli sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $84.32, for a total transaction of $101,184.00. The disclosure for this sale can be found here. Insiders have bought a total of 4,000 shares of company stock worth $331,705 over the last 90 days. Corporate insiders own 0.21% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. BTR Capital Management Inc. purchased a new stake in Philip Morris International during the 2nd quarter worth approximately $225,000. Foundry Partners LLC raised its position in Philip Morris International by 1.6% during the 2nd quarter. Foundry Partners LLC now owns 320,110 shares of the company’s stock worth $25,138,000 after buying an additional 4,975 shares during the last quarter. Bank of The West increased its holdings in shares of Philip Morris International by 2.6% in the 2nd quarter. Bank of The West now owns 29,395 shares of the company’s stock valued at $2,309,000 after purchasing an additional 735 shares in the last quarter. Hollencrest Capital Management increased its holdings in shares of Philip Morris International by 8.1% in the 2nd quarter. Hollencrest Capital Management now owns 111,444 shares of the company’s stock valued at $8,752,000 after purchasing an additional 8,381 shares in the last quarter. Finally, Mengis Capital Management Inc. increased its holdings in shares of Philip Morris International by 2.0% in the 2nd quarter. Mengis Capital Management Inc. now owns 26,950 shares of the company’s stock valued at $2,116,000 after purchasing an additional 540 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

The business’s fifty day moving average price is $78.83. The firm has a market cap of $126.92 billion, a PE ratio of 17.20, a PEG ratio of 2.06 and a beta of 0.96.

About Philip Morris International (NYSE:PM)

Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.

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