Allspring Global Investments Holdings LLC Sells 53,463 Shares of Philip Morris International Inc. (NYSE:PM)

Allspring Global Investments Holdings LLC cut its position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 14.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 327,320 shares of the company's stock after selling 53,463 shares during the period. Allspring Global Investments Holdings LLC's holdings in Philip Morris International were worth $51,746,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Highland Capital Management LLC raised its position in shares of Philip Morris International by 18.3% in the 1st quarter. Highland Capital Management LLC now owns 2,136 shares of the company's stock worth $339,000 after acquiring an additional 330 shares in the last quarter. TPG Advisors LLC bought a new position in shares of Philip Morris International in the 1st quarter worth $256,000. 3Chopt Investment Partners LLC raised its position in shares of Philip Morris International by 13.3% in the 1st quarter. 3Chopt Investment Partners LLC now owns 38,662 shares of the company's stock worth $6,189,000 after acquiring an additional 4,528 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Philip Morris International by 22.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 213,051 shares of the company's stock worth $33,057,000 after acquiring an additional 38,526 shares in the last quarter. Finally, Lafayette Investments Inc. bought a new position in shares of Philip Morris International in the 1st quarter worth $229,000. 78.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PM has been the subject of several recent research reports. Needham & Company LLC initiated coverage on Philip Morris International in a research report on Thursday, May 22nd. They issued a "buy" rating for the company. Barclays reiterated an "overweight" rating and set a $220.00 price target (up previously from $205.00) on shares of Philip Morris International in a research note on Friday, June 13th. Stifel Nicolaus boosted their price target on Philip Morris International from $168.00 to $186.00 and gave the company a "buy" rating in a research note on Thursday, April 24th. Morgan Stanley reiterated an "overweight" rating and set a $182.00 price target (up previously from $156.00) on shares of Philip Morris International in a research note on Thursday, April 24th. Finally, Bank of America boosted their price target on Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $176.80.

Philip Morris International Stock Up 0.2%

Shares of PM opened at $181.11 on Monday. The company has a market capitalization of $281.90 billion, a price-to-earnings ratio of 37.34, a PEG ratio of 2.62 and a beta of 0.52. Philip Morris International Inc. has a 52 week low of $100.80 and a 52 week high of $186.69. The stock's 50-day moving average price is $175.96 and its 200-day moving average price is $153.15.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly 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. The company had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $9.10 billion. Philip Morris International had a negative return on equity of 122.40% and a net margin of 8.43%. Philip Morris International's quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.50 EPS. As a group, equities analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 27th will be issued a $1.35 dividend. The ex-dividend date of this dividend is Friday, June 27th. This represents a $5.40 dividend on an annualized basis and a yield of 2.98%. Philip Morris International's payout ratio is 111.34%.

About Philip Morris International

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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