Stock performance of Philip Morris International Inc. (PM) has been trending well, making it an attractive option for investors. It had a strong showing in its Q1 2024 earnings, buoyed up by successful results of Zyn, its smokeless nicotine pouches. This, coupled with the increased demand for heated tobacco sticks, consistently outperformed the market estimates. Despite a 7% fall earlier in the year and a Q4 miss, the long-term value of Philip Morris (PM) still looks promising. Shareholders, however, expressed concerns over the CEO’s compensation leading to some hesitation in increasing it further.
Philip Morris presented at the 2024 Jefferies Virtual Reduced Risk Seminar whilst also hosting a webcast of their 2024 Virtual Annual Meeting of Shareholders. Philip Morris' push for heated tobacco in the US market is being seen as a key test. Encouragingly, analysts believe that PM makes for a good investment after the fall in its stocks. Steps by the company towards a smoke-free future, such as the launch of their flagship heated tobacco device in Texas, have been well received. Numerous Wall Street analysts have also indicated that Philip Morris stocks still have a staggering 24% potential upside.
However, there were bumps on the road with Philip Morris slipping after the cut in full-year profit guidance. PM shareholders received a regular quarterly dividend of $1.30 per share while the firm reported robust full-year earnings growth. In a striking development, Philip Morris also reported its heated-tobacco devices now outsell Marlboro products.
A cautious note was struck when PM shares fell on some days and insider selling of shares was reported. However, institutional backing remains strong with 79% of the shares being held by such entities. Additionally, Philip Morris managed notable seven-session gains, nearing a 52-week high. Overall, it seems that Philip Morris is becoming a stable dividend purchase.
Philip Morris International PM News Analytics from Sun, 23 Jul 2023 07:00:00 GMT to Sun, 05 May 2024 16:38:50 GMT - Rating 6 - Innovation 6 - Information 8 - Rumor 4
