PNC Financial Services Group Inc. decreased its stake in shares of Philip Morris International Inc. (NYSE:PM) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,550,524 shares of the company’s stock after selling 40,969 shares during the period. PNC Financial Services Group Inc.’s holdings in Philip Morris International were worth $178,688,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of PM. Perennial Advisors LLC purchased a new stake in Philip Morris International during the 1st quarter valued at approximately $29,000. Prestige Wealth Management Group LLC grew its holdings in Philip Morris International by 43.4% during the 1st quarter. Prestige Wealth Management Group LLC now owns 872 shares of the company’s stock worth $64,000 after acquiring an additional 264 shares in the last quarter. Pathstone Family Office LLC purchased a new stake in shares of Philip Morris International in the 1st quarter valued at approximately $65,000. CX Institutional lifted its position in shares of Philip Morris International by 889.0% during the 2nd quarter. CX Institutional now owns 900 shares of the company’s stock worth $63,000 after purchasing an additional 809 shares during the last quarter. Finally, CVA Family Office LLC purchased a new stake in shares of Philip Morris International during the 1st quarter worth $69,000. Institutional investors own 73.98% of the company’s stock.
Philip Morris International stock traded up $0.27 during mid-day trading on Wednesday, reaching $81.67. 166,668 shares of the company were exchanged, compared to its average volume of 5,505,049. The firm’s 50-day simple moving average is $78.85 and its two-hundred day simple moving average is $74.96. Philip Morris International Inc. has a twelve month low of $56.01 and a twelve month high of $90.17. The firm has a market cap of $126.76 billion, a PE ratio of 17.44, a price-to-earnings-growth ratio of 2.29 and a beta of 0.76.
Philip Morris International (NYSE:PM) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.19. Philip Morris International had a net margin of 9.54% and a negative return on equity of 80.24%. The company had revenue of $6.65 billion for the quarter, compared to analysts’ expectations of $6.54 billion. During the same period in the previous year, the company posted $1.46 EPS. Philip Morris International’s revenue was down 13.6% compared to the same quarter last year. Sell-side analysts predict that Philip Morris International Inc. will post 5.06 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, September 24th will be given a $1.20 dividend. The ex-dividend date of this dividend is Wednesday, September 23rd. This represents a $4.80 dividend on an annualized basis and a yield of 5.88%. This is an increase from Philip Morris International’s previous quarterly dividend of $1.17. Philip Morris International’s dividend payout ratio (DPR) is presently 90.17%.
In related news, Director Louis C. Camilleri sold 75,000 shares of Philip Morris International stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $77.73, for a total value of $5,829,750.00. 0.22% of the stock is currently owned by insiders.
A number of analysts have weighed in on the company. Piper Sandler restated a “buy” rating and issued a $98.00 price target on shares of Philip Morris International in a research note on Tuesday, August 4th. Stifel Nicolaus boosted their target price on Philip Morris International from $85.00 to $90.00 in a research note on Wednesday, July 22nd. Citigroup reaffirmed a “hold” rating and issued a $75.00 price target on shares of Philip Morris International in a report on Tuesday, June 30th. ValuEngine cut shares of Philip Morris International from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Finally, Bank of America upped their target price on shares of Philip Morris International from $90.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 11th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $89.75.
Philip Morris International Company Profile
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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