406,467 Shares in Philip Morris International Inc. $PM Bought by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments acquired 406,467 shares of Philip Morris International during the third quarter, valued at approximately $77.6 million. Institutional investors collectively own 78.63% of the company.
• Philip Morris reported quarterly earnings of $2.36 per share and revenue of $11.44 billion, exceeding analyst estimates, while revenue increased 5.5% year over year.
• The company raised its quarterly dividend to $1.60 per share, or $6.40 annually, representing a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $209.70.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in Philip Morris International Inc. (NYSE:PM - Free Report) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 406,467 shares of the company's stock, valued at approximately $77,562,000.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in shares of Philip Morris International by 30.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 11,669,878 shares of the company's stock valued at $2,111,198,000 after buying an additional 2,755,662 shares during the period. Teamwork Financial Advisors LLC boosted its stake in shares of Philip Morris International by 2,662.6% in the 2nd quarter. Teamwork Financial Advisors LLC now owns 65,695 shares of the company's stock worth $11,885,000 after buying an additional 63,317 shares during the last quarter. Perennial Investment Advisors LLC bought a new stake in shares of Philip Morris International in the second quarter worth $505,000. Orographic Financial Advisors LLC bought a new stake in shares of Philip Morris International in the first quarter worth $1,205,000. Finally, Addison Capital Co increased its position in Philip Morris International by 32.5% during the first quarter. Addison Capital Co now owns 31,779 shares of the company's stock valued at $5,254,000 after acquiring an additional 7,793 shares during the last quarter. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Philip Morris International Stock Performance

Shares of NYSE PM opened at $208.72 on Friday. Philip Morris International Inc. has a 52-week low of $142.11 and a 52-week high of $214.35. The firm's fifty day moving average is $194.20 and its two-hundred day moving average is $181.93. The company has a market cap of $325.32 billion, a P/E ratio of 30.47, a P/E/G ratio of 2.80 and a beta of 0.34.

Philip Morris International (NYSE:PM - Get Free Report) last posted its earnings results on Wednesday, October 21st. The company reported $2.36 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.06. The firm had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $11.32 billion. Philip Morris International had a negative return on equity of 183.96% and a net margin of 10.73%. The company's quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.24 EPS. As a group, analysts forecast that Philip Morris International Inc. will post 8.32 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Friday, October 2nd were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.1%. This is a boost from Philip Morris International's previous quarterly dividend of $1.47. The ex-dividend date was Friday, October 2nd. Philip Morris International's dividend payout ratio (DPR) is currently 93.43%.

Analysts Set New Price Targets

Several research analysts have issued reports on PM shares. Weiss Ratings raised Philip Morris International from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 8th. Argus upped their price target on shares of Philip Morris International from $210.00 to $220.00 and gave the company a "buy" rating in a research report on Monday, October 26th. Barclays increased their price objective on shares of Philip Morris International from $205.00 to $225.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. UBS Group raised their price objective on shares of Philip Morris International from $193.00 to $201.00 and gave the stock a "neutral" rating in a report on Thursday, October 22nd. Finally, Citigroup boosted their target price on shares of Philip Morris International from $210.00 to $225.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Philip Morris International presently has an average rating of "Moderate Buy" and an average price target of $209.70.

Philip Morris International Profile

Philip Morris International Inc NYSE: PM is a global tobacco and nicotine company headquartered in Stamford, Connecticut. It was established as an independent company in 2008 following the separation of Philip Morris International from Altria Group. The company develops, manufactures and markets tobacco, nicotine and other related consumer products primarily outside the United States.

Its portfolio includes internationally recognized cigarette brands such as Marlboro, Parliament, L&M, Chesterfield and Bond Street.

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