Philip Morris International Inc. (NYSE:PM) announced a quarterly dividend on Wednesday, September 11th, RTT News reports. Stockholders of record on Wednesday, September 25th will be paid a dividend of 1.17 per share on Friday, October 11th. This represents a $4.68 dividend on an annualized basis and a dividend yield of 6.23%. The ex-dividend date of this dividend is Tuesday, September 24th. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.14.
Philip Morris International has increased its dividend payment by an average of 3.2% annually over the last three years and has increased its dividend every year for the last 11 years. Philip Morris International has a dividend payout ratio of 91.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Philip Morris International to earn $5.62 per share next year, which means the company should continue to be able to cover its $4.56 annual dividend with an expected future payout ratio of 81.1%.
PM stock traded up $0.57 during mid-day trading on Wednesday, reaching $75.07. The company’s stock had a trading volume of 654,665 shares, compared to its average volume of 7,948,022. The company’s 50 day moving average is $80.35 and its two-hundred day moving average is $83.13. Philip Morris International has a fifty-two week low of $64.67 and a fifty-two week high of $92.74. The stock has a market cap of $114.04 billion, a PE ratio of 14.72, a P/E/G ratio of 1.79 and a beta of 0.99.
In related news, insider Mario Masseroli sold 1,100 shares of Philip Morris International stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $87.42, for a total value of $96,162.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.21% of the stock is owned by company insiders.
A number of analysts have issued reports on the company. Citigroup reaffirmed a “buy” rating on shares of Philip Morris International in a research note on Wednesday, September 4th. JPMorgan Chase & Co. set a $86.00 price target on shares of Philip Morris International and gave the company a “neutral” rating in a research report on Wednesday, August 28th. Morgan Stanley dropped their price objective on shares of Philip Morris International from $94.00 to $86.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Credit Suisse Group set a $80.00 price objective on shares of Philip Morris International and gave the stock a “sell” rating in a research report on Wednesday, August 28th. Finally, ValuEngine cut shares of Philip Morris International from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $93.77.
Philip Morris International Company Profile
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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