Bahl & Gaynor LLC Makes New $113.14 Million Investment in Philip Morris International Inc. $PM

Key Points

• Bahl & Gaynor LLC opened a $113.1 million position in Philip Morris International, buying 592,898 shares in the third quarter. Institutional investors and hedge funds collectively own 78.63% of the stock.
• Analyst sentiment is generally positive: the consensus rating is “Moderate Buy,” with an average price target of $213.90; recent targets range as high as $232.
• Philip Morris beat quarterly earnings and revenue expectations, with revenue up 5.5% year over year. The company also raised its quarterly dividend from $1.47 to $1.60 per share.

Bahl & Gaynor LLC bought a new position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 592,898 shares of the company's stock, valued at approximately $113,137,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PM. Letson Investment Management Inc. increased its stake in shares of Philip Morris International by 1.1% in the 3rd quarter. Letson Investment Management Inc. now owns 16,174 shares of the company's stock valued at $3,086,000 after buying an additional 170 shares during the period. Confluence Wealth Services Inc. raised its position in shares of Philip Morris International by 14.8% during the third quarter. Confluence Wealth Services Inc. now owns 32,563 shares of the company's stock worth $6,214,000 after acquiring an additional 4,193 shares during the last quarter. AMG National Trust Bank lifted its stake in shares of Philip Morris International by 1.4% during the third quarter. AMG National Trust Bank now owns 7,246 shares of the company's stock valued at $1,383,000 after acquiring an additional 98 shares during the period. Moneco Advisors LLC lifted its stake in shares of Philip Morris International by 1.4% during the third quarter. Moneco Advisors LLC now owns 4,868 shares of the company's stock valued at $929,000 after acquiring an additional 66 shares during the period. Finally, Lido Advisors LLC lifted its stake in shares of Philip Morris International by 27.5% during the third quarter. Lido Advisors LLC now owns 148,483 shares of the company's stock valued at $28,334,000 after acquiring an additional 32,043 shares during the period. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on PM. JPMorgan Chase & Co. initiated coverage on Philip Morris International in a report on Tuesday. They issued a "neutral" rating and a $200.00 price target on the stock. Barclays boosted their price objective on Philip Morris International from $205.00 to $225.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Stifel Nicolaus upped their target price on shares of Philip Morris International from $205.00 to $232.00 and gave the company a "buy" rating in a research report on Tuesday, November 3rd. Needham & Company LLC raised their target price on shares of Philip Morris International from $215.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, October 22nd. Finally, BTIG Research set a $221.00 price target on shares of Philip Morris International and gave the stock a "buy" rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $213.90.

Philip Morris International Stock Up 0.6%

NYSE:PM opened at $194.31 on Wednesday. Philip Morris International Inc. has a 12-month low of $146.35 and a 12-month high of $214.35. The firm has a market capitalization of $302.86 billion, a P/E ratio of 23.49, a P/E/G ratio of 2.59 and a beta of 0.34. The stock's fifty day simple moving average is $195.73 and its 200-day simple moving average is $183.05.

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

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Friday, October 2nd were paid a $1.60 dividend. This is a boost from Philip Morris International's previous quarterly dividend of $1.47. The ex-dividend date of this dividend was Friday, October 2nd. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.3%. Philip Morris International's dividend payout ratio (DPR) is currently 93.43%.

About Philip Morris International

Philip Morris International is a global tobacco and nicotine company that develops, manufactures and sells cigarettes and smoke-free products. Its cigarette brands include Marlboro in markets outside the United States, along with other regional and international brands. The company's smoke-free portfolio includes IQOS heated tobacco products, ZYN nicotine pouches and VEEV e-vapor products. Philip Morris International sells its products in markets around the world, with availability varying by country and subject to local regulations.

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