Pinnacle Associates Ltd. reduced its position in Philip Morris International Inc. (NYSE:PM) by 0.3% in the second quarter, Holdings Channel.com reports. The fund owned 50,563 shares of the company’s stock after selling 161 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Philip Morris International were worth $5,011,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in shares of Philip Morris International in the first quarter valued at approximately $2,075,000. Viking Fund Management LLC lifted its position in Philip Morris International by 3.5% during the second quarter. Viking Fund Management LLC now owns 59,000 shares of the company’s stock valued at $5,847,000 after purchasing an additional 2,000 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in Philip Morris International by 637.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 370,625 shares of the company’s stock valued at $32,881,000 after purchasing an additional 320,339 shares during the last quarter. Glenview State Bank Trust DEPT. lifted its position in Philip Morris International by 31.4% during the first quarter. Glenview State Bank Trust DEPT. now owns 8,473 shares of the company’s stock valued at $752,000 after purchasing an additional 2,025 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in Philip Morris International by 10.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 336,847 shares of the company’s stock valued at $29,891,000 after purchasing an additional 30,698 shares during the last quarter. Institutional investors own 67.23% of the company’s stock.
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Several equities research analysts have issued reports on the stock. Morgan Stanley reiterated a “buy” rating and set a $110.00 target price on shares of Philip Morris International in a research report on Friday, July 2nd. TheStreet upgraded shares of Philip Morris International from a “c+” rating to a “b” rating in a research report on Tuesday, July 20th. Barclays set a $98.59 target price on shares of Philip Morris International and gave the stock an “overweight” rating in a research note on Friday, July 23rd. Zacks Investment Research downgraded shares of Philip Morris International from a “buy” rating to a “hold” rating and set a $99.00 target price on the stock. in a research note on Tuesday, April 27th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Philip Morris International from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Philip Morris International has a consensus rating of “Buy” and an average price target of $101.47.
In other news, CEO Martin G. King sold 21,725 shares of the company’s stock in a transaction dated Tuesday, July 27th. The shares were sold at an average price of $100.18, for a total transaction of $2,176,410.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wilde Frederic De sold 10,000 shares of the stock in a transaction that occurred on Monday, May 24th. The stock was sold at an average price of $97.76, for a total transaction of $977,600.00. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.
Shares of PM stock opened at $101.42 on Friday. Philip Morris International Inc. has a 12 month low of $68.93 and a 12 month high of $103.00. The company has a market cap of $158.07 billion, a PE ratio of 17.82, a PEG ratio of 1.87 and a beta of 0.84. The firm’s fifty day simple moving average is $99.45.
Philip Morris International (NYSE:PM) last announced its earnings results on Monday, July 19th. The company reported $1.57 EPS for the quarter, beating the Zacks’ consensus estimate of $1.55 by $0.02. Philip Morris International had a net margin of 11.13% and a negative return on equity of 91.56%. The firm had revenue of $7.84 billion for the quarter, compared to analysts’ expectations of $7.71 billion. During the same quarter in the previous year, the business posted $1.29 EPS. The company’s quarterly revenue was up 17.9% on a year-over-year basis. As a group, sell-side analysts forecast that Philip Morris International Inc. will post 6.09 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, July 12th. Stockholders of record on Friday, June 25th were issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.73%. The ex-dividend date was Thursday, June 24th. Philip Morris International’s dividend payout ratio (DPR) is presently 92.84%.
Philip Morris International announced that its board has initiated a stock buyback program on Friday, June 11th that permits the company to repurchase $7.00 billion in shares. This repurchase authorization permits the company to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
About Philip Morris International
Philip Morris International, Inc is a holding company. It engages in manufacturing and sale of cigarettes, tobacco and nicotine-containing products. It operates through the following geographical segments: European Union, Eastern Europe, Middles East & Africa, South & Southeast Asia, East Asia & Australia and Latin America & Canada.
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