Los Angeles Capital Management & Equity Research Inc. cut its stake in Philip Morris International Inc. (NYSE:PM) by 22.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 256,694 shares of the company’s stock after selling 74,414 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Philip Morris International were worth $20,931,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Shine Investment Advisory Services Inc. lifted its position in Philip Morris International by 90.7% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 1,245 shares of the company’s stock worth $101,000 after buying an additional 592 shares in the last quarter. Landaas & Co. WI ADV bought a new stake in Philip Morris International during the 2nd quarter worth about $106,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Philip Morris International during the 2nd quarter worth about $108,000. BerganKDV Wealth Management LLC bought a new stake in Philip Morris International during the 2nd quarter worth about $123,000. Finally, Norway Savings Bank lifted its position in Philip Morris International by 337.5% during the 2nd quarter. Norway Savings Bank now owns 1,750 shares of the company’s stock worth $141,000 after buying an additional 1,350 shares in the last quarter. 72.76% of the stock is owned by hedge funds and other institutional investors.
Shares of PM stock opened at $89.18 on Friday. The stock has a market capitalization of $138.46 billion, a PE ratio of 17.26, a PEG ratio of 2.04 and a beta of 0.58. Philip Morris International Inc. has a 52-week low of $76.21 and a 52-week high of $111.25.
Philip Morris International (NYSE:PM) last issued 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. The company had revenue of $7.50 billion for the quarter, compared to analysts’ expectations of $7.16 billion. Philip Morris International had a net margin of 8.20% and a negative return on equity of 78.80%. Philip Morris International’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.27 EPS. On average, analysts predict that Philip Morris International Inc. will post 5.01 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Wednesday, September 26th were issued a $1.14 dividend. The ex-dividend date was Tuesday, September 25th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 5.11%. Philip Morris International’s payout ratio is 92.49%.
PM has been the topic of several analyst reports. Stifel Nicolaus cut their price target on shares of Philip Morris International from $100.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday, July 20th. Citigroup set a $90.00 price target on shares of Philip Morris International and gave the stock a “buy” rating in a research report on Friday, July 20th. Jefferies Financial Group reissued a “buy” rating and set a $93.00 price target on shares of Philip Morris International in a research report on Friday, July 13th. Argus raised shares of Philip Morris International from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a research report on Wednesday, July 25th. Finally, Piper Jaffray Companies set a $99.00 price target on shares of Philip Morris International and gave the stock a “buy” rating in a research report on Wednesday, October 10th. One 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 stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $98.08.
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Philip Morris International Company Profile
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.
Further Reading: What is a stock split?
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