PM - Philip Morris: Long-Term Looks Good Short-Term Upside Exhausted
2024-05-19 12:04:30 ET
Summary
- Philip Morris's price has been on the rise this year, supported by attractive market multiples, good dividends, a strong Q1 2024 results and an upgrade in its 2024 outlook.
- However, the price has risen enough to now warrant some correction based on the stock's P/Es and it's dividend yield has commensurately declined as well.
- Despite the exhaustion in short-term upside, Philip Morris's progress in smoke-free products and potential for increasing dividends make it a good long-term investment.
Since I last wrote about tobacco company Philip Morris ( PM ) in February, it has had a pretty good three months, with a 12% price rise. For context, this is higher than the ~8% increase in the S&P 500 Consumer Staples index in the same period....
Philip Morris: Long-Term Looks Good, Short-Term Upside Exhausted