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Philip Morris chairman Andre Calantzopoulos sells $13.2 million in stock

Published 26-10-2024, 01:56 am
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Andre Calantzopoulos, Chairman of Philip Morris International Inc. (NYSE:PM), recently sold a substantial portion of his holdings in the company. According to a recent SEC filing, Calantzopoulos sold 101,918 shares of common stock on October 23, 2024, at an average price of $129.85 per share. This transaction amounted to a total value of approximately $13.2 million. Following this sale, he now holds 959,761 shares directly. The shares were sold in multiple transactions, with prices ranging from $129.03 to $130.46.

In other recent news, Philip Morris International Inc. reported a strong performance in its third-quarter earnings, driven by substantial organic revenue growth and a notable increase in adjusted diluted earnings per share (EPS). The company's success is attributed to solid sales of its smoke-free products, IQOS and ZYN, and growth in the combustibles segment. They reported an 11.6% organic revenue growth and an 18.0% currency-neutral increase in adjusted diluted EPS. IQOS volumes grew by 15% year-on-year, while ZYN shipments in the U.S. saw over 40% growth.

Philip Morris raised its full-year guidance, projecting a 2%-3% volume growth, 9.5% organic net revenue growth, and 14%-15% adjusted diluted EPS growth. Despite potential challenges from shipment mix and supply constraints, the company expects continued robust growth for Q4. They are confident in the sustainable demand for smoke-free alternatives and aim to capture over 50% market share in low and middle-income countries.

However, a proposed settlement for Canadian litigation could significantly impact financials, with an estimated $23.5 billion settlement. Despite these challenges, Philip Morris's overall trajectory remains positive, backed by its confidence in the structural demand for smoke-free alternatives. These are among the recent developments for Philip Morris International Inc.

InvestingPro Insights

While Andre Calantzopoulos's recent sale of Philip Morris International Inc. (NYSE:PM) shares might raise eyebrows, a closer look at the company's financials and market performance reveals a more nuanced picture. According to InvestingPro data, PM's stock has shown remarkable strength, with a 55.32% price total return over the past year and a 41.57% return in the last six months. This robust performance aligns with an InvestingPro Tip indicating that PM is trading near its 52-week high, suggesting strong investor confidence despite the insider sale.

The company's financial health appears solid, with a market capitalization of $206.48 billion and an impressive gross profit margin of 64.12% for the last twelve months as of Q3 2024. This aligns with another InvestingPro Tip highlighting PM's impressive gross profit margins. Additionally, PM boasts a dividend yield of 4.07%, with an InvestingPro Tip noting that the company has raised its dividend for 16 consecutive years, demonstrating a commitment to shareholder returns.

It's worth noting that PM's P/E ratio stands at 20.7, which may be considered reasonable given its growth prospects and industry position. The company's revenue growth of 8.58% in the last twelve months also indicates ongoing business expansion.

For investors seeking a more comprehensive analysis, InvestingPro offers 16 additional tips on Philip Morris International, providing deeper insights into the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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