Connor Clark & Lunn Investment Management Ltd. cut its holdings in Philip Morris International Inc. (NYSE:PM) by 93.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,241 shares of the company’s stock after selling 49,700 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Philip Morris International were worth $255,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of PM. Ellis Investment Partners LLC raised its position in Philip Morris International by 8,799.3% in the 1st quarter. Ellis Investment Partners LLC now owns 690,054 shares of the company’s stock valued at $690,000 after buying an additional 682,300 shares during the last quarter. Pendal Group Ltd raised its position in Philip Morris International by 31.5% in the 2nd quarter. Pendal Group Ltd now owns 2,658,816 shares of the company’s stock valued at $187,959,000 after buying an additional 637,613 shares during the last quarter. First Trust Advisors LP raised its position in Philip Morris International by 40.3% in the 2nd quarter. First Trust Advisors LP now owns 1,593,712 shares of the company’s stock valued at $125,154,000 after buying an additional 457,597 shares during the last quarter. Thoroughbred Financial Services LLC raised its position in Philip Morris International by 7,753.0% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 443,223 shares of the company’s stock valued at $44,322,000 after buying an additional 437,579 shares during the last quarter. Finally, Schafer Cullen Capital Management Inc raised its position in Philip Morris International by 31.0% in the 2nd quarter. Schafer Cullen Capital Management Inc now owns 1,775,596 shares of the company’s stock valued at $145,404,000 after buying an additional 420,020 shares during the last quarter. 74.59% of the stock is currently owned by hedge funds and other institutional investors.
In other Philip Morris International news, insider Mario Masseroli sold 1,100 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $87.42, for a total transaction of $96,162.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.21% of the company’s stock.
Shares of PM stock traded down $1.90 during mid-day trading on Friday, hitting $73.00. The company’s stock had a trading volume of 414,635 shares, compared to its average volume of 8,091,031. Philip Morris International Inc. has a 52-week low of $64.67 and a 52-week high of $92.74. The business has a 50-day moving average price of $80.12 and a 200 day moving average price of $83.07. The stock has a market cap of $115.66 billion, a price-to-earnings ratio of 14.32, a PEG ratio of 1.82 and a beta of 0.99.
Philip Morris International (NYSE:PM) last posted its quarterly earnings results on Thursday, July 18th. The company reported $1.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.13. Philip Morris International had a negative return on equity of 80.96% and a net margin of 10.03%. The firm had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.42 billion. During the same quarter in the previous year, the business earned $1.41 earnings per share. The company’s revenue was down .3% on a year-over-year basis. As a group, equities research analysts predict that Philip Morris International Inc. will post 5.21 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Wednesday, September 25th will be issued a $1.17 dividend. The ex-dividend date is Tuesday, September 24th. This represents a $4.68 annualized dividend and a dividend yield of 6.41%. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.14. Philip Morris International’s payout ratio is presently 89.41%.
A number of brokerages have issued reports on PM. ValuEngine downgraded Philip Morris International from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Credit Suisse Group set a $80.00 price objective on Philip Morris International and gave the company a “sell” rating in a research note on Wednesday, August 28th. Citigroup reiterated a “buy” rating on shares of Philip Morris International in a research note on Wednesday, September 4th. Barclays upgraded Philip Morris International from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $82.00 to $100.00 in a research note on Friday, July 19th. Finally, Wells Fargo & Co set a $102.00 price target on Philip Morris International and gave the stock a “buy” rating in a research note on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. Philip Morris International presently has a consensus rating of “Hold” and a consensus price target of $93.77.
About Philip Morris International
Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.
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