April 19, 2013 at 10:26 AM EDT
Jefferies Cuts Earnings Estimates on Philip Morris International Following Q1 Earnings Results (PM)

Jefferies analysts reduced the earnings estimates on tobacco company Philip Morris International Inc. (PM) on Friday, following the company’s first quarter earnings report.

The analysts maintain a “Hold” rating on PM and see shares reaching $95. This target suggests a 4% upside to Thursday’s closing price of $91.69.

A Jefferies analyst commented, “PM’s 1Q13 results missed expectations and the co. lowered the full year guidance by 13¢ due to increased FX headwinds – the underlying EPS growth outlook stayed unchanged. We view the results as an indication that the operating environment has become more challenging for PM as it is trying to offset tax increases in the Philippines and Turkey as well as ongoing macro challenges in the EU.”

Now, Jefferies sees PM’s second quarter earnings to be $1.49 per share, down from $1.50 per share. For fiscal 2013, the firm lowered estimates from $5.75 per share to $5.64 per share. In 2014, the firm sees EPS at $6.18, down from the previous view of $6.33.

Philip Morris shares were up 40 cents, or +0.43%, during Friday morning trading. The stock is up +10.08% year-to-date.

The Bottom Line
Shares of Philip Morris International (PM) have a dividend yield of 3.69% based on Friday’s intraday trading price of $92.09 and the company’s annualized dividend payout of $3.40 per share.

Philip Morris International Inc. (PM) is recommended at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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