Steinberg Global Asset Management boosted its stake in shares of Philip Morris International Inc. (NYSE:PM) by 4.5% in the third quarter, HoldingsChannel.com reports. The firm owned 61,941 shares of the company’s stock after purchasing an additional 2,693 shares during the quarter. Steinberg Global Asset Management’s holdings in Philip Morris International were worth $5,051,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its stake in Philip Morris International by 4.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 34,065,506 shares of the company’s stock valued at $2,750,449,000 after purchasing an additional 1,421,021 shares in the last quarter. Morgan Stanley raised its stake in Philip Morris International by 23.9% in the second quarter. Morgan Stanley now owns 22,738,044 shares of the company’s stock valued at $1,835,871,000 after purchasing an additional 4,386,487 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Philip Morris International by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 17,570,730 shares of the company’s stock valued at $1,418,660,000 after purchasing an additional 258,809 shares in the last quarter. Flossbach Von Storch AG raised its stake in Philip Morris International by 48.1% in the second quarter. Flossbach Von Storch AG now owns 14,212,696 shares of the company’s stock valued at $1,147,533,000 after purchasing an additional 4,618,289 shares in the last quarter. Finally, Fundsmith Equity Fund L.P. acquired a new position in Philip Morris International in the second quarter valued at about $845,763,000. 72.92% of the stock is owned by hedge funds and other institutional investors.
Philip Morris International stock opened at $88.75 on Friday. Philip Morris International Inc. has a 12-month low of $76.21 and a 12-month high of $111.25. The stock has a market capitalization of $136.91 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 2.02 and a beta of 0.58.
Philip Morris International (NYSE:PM) last released its earnings results on Thursday, October 18th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.16. Philip Morris International had a negative return on equity of 78.80% and a net margin of 8.20%. The firm had revenue of $7.50 billion for the quarter, compared to analysts’ expectations of $7.16 billion. During the same quarter in the previous year, the business posted $1.27 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. On average, equities research analysts forecast that Philip Morris International Inc. will post 5.01 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Wednesday, September 26th were given a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 5.14%. The ex-dividend date of this dividend was Tuesday, September 25th. Philip Morris International’s dividend payout ratio is presently 92.49%.
A number of research analysts recently commented on the company. ValuEngine raised Philip Morris International from a “strong sell” rating to a “sell” rating in a research note on Monday, July 30th. Zacks Investment Research downgraded Philip Morris International from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Societe Generale set a $95.00 price target on Philip Morris International and gave the company a “hold” rating in a research note on Monday, October 22nd. Stifel Nicolaus dropped their price target on Philip Morris International from $100.00 to $93.00 and set a “buy” rating for the company in a research note on Friday, July 20th. Finally, JPMorgan Chase & Co. downgraded Philip Morris International from an “overweight” rating to a “neutral” rating in a research note on Friday, July 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $98.08.
About Philip Morris International
Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products. Its portfolio of brands comprises Marlboro, Parliament, Bond Street, Chesterfield, L&M, Lark, Philip Morris, Merit, Virginia S., Muratti, and Next.
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