Allspring Global Investments Holdings LLC Has $33.04 Million Stock Holdings in Philip Morris International Inc. $PM

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Philip Morris International Inc. by 43.1%, now owning 186,082 shares worth approximately $33.04 million.
• Philip Morris International has announced an increase in its quarterly dividend to $1.47, with a current dividend yield of 3.7%.
• The stock currently has a market capitalization of $245.75 billion, with an average rating of "Moderate Buy" from analysts and a consensus target price of $195.44.

Allspring Global Investments Holdings LLC cut its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 43.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 186,082 shares of the company's stock after selling 141,238 shares during the period. Allspring Global Investments Holdings LLC's holdings in Philip Morris International were worth $33,035,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PM. Brighton Jones LLC lifted its position in shares of Philip Morris International by 31.1% in the 4th quarter. Brighton Jones LLC now owns 8,531 shares of the company's stock worth $1,027,000 after purchasing an additional 2,023 shares during the period. Revolve Wealth Partners LLC lifted its position in shares of Philip Morris International by 4.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 2,097 shares of the company's stock worth $252,000 after purchasing an additional 91 shares during the period. GAMMA Investing LLC lifted its position in shares of Philip Morris International by 26.5% in the 1st quarter. GAMMA Investing LLC now owns 28,268 shares of the company's stock worth $4,487,000 after purchasing an additional 5,930 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Philip Morris International by 24.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock worth $69,695,000 after purchasing an additional 87,631 shares during the period. Finally, Vicus Capital acquired a new position in shares of Philip Morris International in the 1st quarter worth approximately $207,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Philip Morris International Trading Down 0.7%

Shares of PM stock opened at $157.88 on Thursday. The firm has a market capitalization of $245.75 billion, a PE ratio of 30.02, a price-to-earnings-growth ratio of 2.32 and a beta of 0.46. The firm has a fifty day simple moving average of $163.89 and a two-hundred day simple moving average of $168.75. Philip Morris International Inc. has a 12 month low of $116.12 and a 12 month high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 EPS for the quarter. The business had revenue of $8.12 billion during the quarter. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. On average, equities analysts predict that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Friday, October 3rd will be paid a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, October 3rd. This is a positive change from Philip Morris International's previous quarterly dividend of $1.35. Philip Morris International's dividend payout ratio (DPR) is currently 111.79%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PM. Barclays dropped their price target on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Weiss Ratings reiterated a "buy (b)" rating on shares of Philip Morris International in a research report on Wednesday, October 8th. Needham & Company LLC reiterated a "buy" rating and set a $195.00 target price on shares of Philip Morris International in a research report on Wednesday, July 23rd. KGI Securities initiated coverage on shares of Philip Morris International in a research report on Monday, August 4th. They set an "outperform" rating on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $195.44.

Philip Morris International 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.

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