DAVENPORT & Co LLC Reduces Position in Philip Morris International Inc. (NYSE:PM)

DAVENPORT & Co LLC cut its stake in shares of Philip Morris International Inc. (NYSE:PM) by 30.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 872,613 shares of the company’s stock after selling 388,241 shares during the quarter. Philip Morris International makes up approximately 0.8% of DAVENPORT & Co LLC’s holdings, making the stock its 29th biggest position. DAVENPORT & Co LLC owned about 0.06% of Philip Morris International worth $137,924,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PM. NewSquare Capital LLC grew its stake in Philip Morris International by 53.7% during the fourth quarter. NewSquare Capital LLC now owns 206 shares of the company’s stock valued at $25,000 after acquiring an additional 72 shares in the last quarter. Pacifica Partners Inc. increased its holdings in shares of Philip Morris International by 115.0% in the first quarter. Pacifica Partners Inc. now owns 215 shares of the company’s stock worth $35,000 after purchasing an additional 115 shares during the last quarter. Inlight Wealth Management LLC bought a new stake in shares of Philip Morris International in the first quarter worth about $38,000. Ameriflex Group Inc. bought a new position in Philip Morris International during the fourth quarter valued at approximately $36,000. Finally, Knuff & Co LLC purchased a new position in Philip Morris International during the 4th quarter valued at approximately $36,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on PM. Morgan Stanley reiterated an “overweight” rating and set a $182.00 target price (up from $156.00) on shares of Philip Morris International in a research report on Thursday, April 24th. Needham & Company LLC assumed coverage on shares of Philip Morris International in a research report on Thursday, May 22nd. They set a “buy” rating for the company. Citigroup boosted their target price on shares of Philip Morris International from $163.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, April 16th. Wall Street Zen raised shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Finally, Barclays reiterated an “overweight” rating and issued a $220.00 price target (up previously from $205.00) on shares of Philip Morris International in a research report on Friday, June 13th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $176.80.

Philip Morris International Stock Performance

Shares of NYSE PM opened at $182.20 on Tuesday. Philip Morris International Inc. has a fifty-two week low of $100.80 and a fifty-two week high of $186.69. The company has a market cap of $283.60 billion, a price-to-earnings ratio of 37.57, a PEG ratio of 2.62 and a beta of 0.52. The business’s 50 day moving average price is $176.36 and its 200-day moving average price is $153.54.

Philip Morris International (NYSE:PM) last released its earnings results on Wednesday, April 23rd. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.08. Philip Morris International had a negative return on equity of 122.40% and a net margin of 8.43%. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $9.10 billion. During the same quarter last year, the firm posted $1.50 earnings per share. The business’s revenue was up 5.8% compared to the same quarter last year. Sell-side analysts predict that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th will be given a $1.35 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $5.40 annualized dividend and a yield of 2.96%. Philip Morris International’s dividend payout ratio (DPR) is 111.34%.

Philip Morris International Company Profile

Philip Morris International Inc operates as a tobacco company working to delivers a smoke-free future and evolving portfolio for the long-term to include products outside of the tobacco and nicotine sector. The company's product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor, and oral nicotine products primarily under the IQOS and ZYN brands; and consumer accessories, such as lighters and matches.