Philip Morris International Inc. (NYSE:PM) Raises Dividend to $1.17 Per Share

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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.

Philip Morris International (NYSE:PM) last issued its earnings results on Thursday, July 18th. The company reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.13. Philip Morris International had a negative return on equity of 80.96% and a net margin of 10.03%. The business had revenue of $7.70 billion for the quarter, compared to analysts’ expectations of $7.42 billion. During the same period in the previous year, the firm posted $1.41 EPS. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, research analysts forecast that Philip Morris International will post 5.22 earnings per share for the current year.

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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Dividend History for Philip Morris International (NYSE:PM)

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