Bank of New York Mellon Corp Decreases Position in Philip Morris International Inc. (NYSE:PM)

Bank of New York Mellon Corp cut its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 6.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,042,511 shares of the company's stock after selling 1,027,971 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.97% of Philip Morris International worth $2,387,698,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Philip Morris International by 24.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock valued at $69,695,000 after buying an additional 87,631 shares in the last quarter. Brighton Jones LLC increased its position in shares of Philip Morris International by 31.1% during 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 last quarter. Symmetry Investments LP acquired a new stake in shares of Philip Morris International during the 4th quarter worth about $1,966,000. Worth Asset Management LLC acquired a new stake in shares of Philip Morris International during the 1st quarter worth about $2,223,000. Finally, Annex Advisory Services LLC increased its position in shares of Philip Morris International by 46.6% during the 1st quarter. Annex Advisory Services LLC now owns 34,715 shares of the company's stock worth $5,510,000 after purchasing an additional 11,034 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Needham & Company LLC assumed coverage on Philip Morris International in a research report on Thursday, May 22nd. They issued a "buy" rating for the company. UBS Group raised Philip Morris International from a "sell" rating to a "neutral" rating and lifted their target price for the company from $130.00 to $170.00 in a research report on Friday, April 25th. Argus raised Philip Morris International from a "hold" rating to a "buy" rating in a research report on Friday, March 14th. Bank of America lifted their target price on Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Finally, Wall Street Zen raised Philip Morris International from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $176.80.

Philip Morris International Stock Performance

Shares of PM traded up $1.64 during midday trading on Monday, hitting $180.52. The company had a trading volume of 2,342,825 shares, compared to its average volume of 6,029,211. The company's 50-day simple moving average is $177.14 and its 200-day simple moving average is $155.03. The firm has a market capitalization of $280.98 billion, a P/E ratio of 37.22, a P/E/G ratio of 2.59 and a beta of 0.51. Philip Morris International Inc. has a 1 year low of $101.62 and a 1 year high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.08. The firm 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%. The firm's revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.50 earnings per share. Equities analysts predict that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 27th will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Friday, June 27th. Philip Morris International's payout ratio is 111.34%.

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.