Philip Morris International (NYSE:PM) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Shares of Philip Morris International Inc. (NYSE:PM) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement. Approximately 16,212,587 shares were traded during trading, an increase of 167% from the previous session’s volume of 6,076,697 shares.The stock last traded at $148.34 and had previously closed at $158.06.

The company reported $1.59 EPS for the quarter. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%.The firm had revenue of $8.12 billion for the quarter.

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 20th. Stockholders of record on Friday, October 3rd were paid a dividend of $1.47 per share. This is a boost from Philip Morris International’s previous quarterly dividend of $1.35. The ex-dividend date was Friday, October 3rd. This represents a $5.88 annualized dividend and a dividend yield of 3.9%. Philip Morris International’s dividend payout ratio is currently 111.79%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PM shares. KGI Securities started coverage on Philip Morris International in a research note on Monday, August 4th. They set an “outperform” rating for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Philip Morris International in a research note on Wednesday, October 8th. Citigroup reiterated a “buy” rating on shares of Philip Morris International in a research note on Thursday, September 4th. Barclays decreased their price target on Philip Morris International from $225.00 to $220.00 and set an “overweight” rating for the company in a research note on Wednesday, July 30th. Finally, Wall Street Zen downgraded Philip Morris International from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Philip Morris International presently has a consensus rating of “Moderate Buy” and a consensus price target of $195.44.

Hedge Funds Weigh In On Philip Morris International

Several large investors have recently made changes to their positions in the business. Fifth Third Wealth Advisors LLC lifted its position in shares of Philip Morris International by 6.1% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 49,524 shares of the company’s stock worth $8,033,000 after purchasing an additional 2,827 shares during the last quarter. Fountainhead AM LLC lifted its position in shares of Philip Morris International by 33.3% during the 3rd quarter. Fountainhead AM LLC now owns 2,779 shares of the company’s stock worth $451,000 after purchasing an additional 694 shares during the last quarter. Western Financial Corp CA lifted its position in shares of Philip Morris International by 55.9% during the 3rd quarter. Western Financial Corp CA now owns 18,562 shares of the company’s stock worth $3,011,000 after purchasing an additional 6,653 shares during the last quarter. Moss Adams Wealth Advisors LLC lifted its position in shares of Philip Morris International by 3.3% during the 3rd quarter. Moss Adams Wealth Advisors LLC now owns 5,216 shares of the company’s stock worth $846,000 after purchasing an additional 166 shares during the last quarter. Finally, Proffitt & Goodson Inc. lifted its position in shares of Philip Morris International by 12.6% during the 3rd quarter. Proffitt & Goodson Inc. now owns 672 shares of the company’s stock worth $109,000 after purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

Philip Morris International Trading Down 3.9%

The firm has a 50-day moving average of $162.81 and a two-hundred day moving average of $168.80. The firm has a market cap of $236.48 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 2.31 and a beta of 0.46.

Philip Morris International Company Profile

Philip Morris International Inc operates as a tobacco company working to delivers a smoke-free future and evolving portfolio for the long-term to include products outside of the tobacco and nicotine sector. The company's product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor, and oral nicotine products primarily under the IQOS and ZYN brands; and consumer accessories, such as lighters and matches.