Associated Banc Corp Makes New Investment in Philip Morris International Inc. $PM

Key Points

• Associated Banc Corp bought 482,676 shares of Philip Morris International in the third quarter, valued at about $92.1 million. PM now represents 2.2% of the bank’s portfolio and is its eighth-largest holding.
• Philip Morris reported quarterly earnings of $2.36 per share, topping estimates of $2.30, while revenue rose 5.5% year over year to $11.44 billion.
• The company raised its quarterly dividend from $1.47 to $1.60 per share, an annualized $6.40 and a 3.1% yield. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $212.40.

Associated Banc Corp purchased a new position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) in the third quarter, according to its most recent filing with the SEC. The firm purchased 482,676 shares of the company's stock, valued at approximately $92,104,000. Philip Morris International accounts for 2.2% of Associated Banc Corp's portfolio, making the stock its 8th largest holding.

Other hedge funds have also recently made changes to their positions in the company. GQG Partners LLC bought a new stake in shares of Philip Morris International in the 2nd quarter valued at $8,220,008,000. Bank of America Corp DE acquired a new position in shares of Philip Morris International during the 2nd quarter valued at $3,075,267,000. Legal & General Group Plc acquired a new position in shares of Philip Morris International during the 2nd quarter valued at $1,316,151,000. Jupiter Topco LLC bought a new position in Philip Morris International during the second quarter worth $726,464,000. Finally, Bank of New York Mellon Corp boosted its stake in Philip Morris International by 30.9% during the second quarter. Bank of New York Mellon Corp now owns 11,669,878 shares of the company's stock worth $2,111,198,000 after acquiring an additional 2,755,662 shares in the last quarter. 78.63% of the stock is owned by institutional investors.

Philip Morris International Stock Down 0.4%

Shares of PM opened at $207.48 on Wednesday. The business's fifty day moving average is $194.93 and its 200 day moving average is $182.33. Philip Morris International Inc. has a 12-month low of $144.22 and a 12-month high of $214.35. The stock has a market cap of $323.40 billion, a P/E ratio of 25.34, a P/E/G ratio of 2.79 and a beta of 0.34.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly 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 business had revenue of $11.44 billion during the quarter, compared to analyst estimates of $11.32 billion. Philip Morris International had a net margin of 10.73% and a negative return on equity of 183.96%. Philip Morris International's quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.24 EPS. On average, analysts expect that Philip Morris International Inc. will post 8.32 EPS for the current 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 issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Friday, October 2nd. This represents a $6.40 dividend on an annualized basis and a yield of 3.1%. This is an increase from Philip Morris International's previous quarterly dividend of $1.47. Philip Morris International's dividend payout ratio is presently 93.43%.

Analysts Set New Price Targets

PM has been the subject of a number of research reports. Morgan Stanley raised their price target on shares of Philip Morris International from $200.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday, July 23rd. Argus upped their price objective on shares of Philip Morris International from $210.00 to $220.00 and gave the company a "buy" rating in a report on Monday, October 26th. Stifel Nicolaus increased their price objective on shares of Philip Morris International from $205.00 to $232.00 and gave the stock a "buy" rating in a research report on Tuesday. Barclays raised their target price on Philip Morris International from $205.00 to $225.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Finally, BTIG Research set a $221.00 target price on Philip Morris International and gave the company a "buy" rating in a research note on Friday, July 24th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Philip Morris International has a consensus rating of "Moderate Buy" and an average price target of $212.40.

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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