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

Bank of New York Mellon Corp reduced its holdings in Philip Morris International Inc. (NYSE:PM - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,042,511 shares of the company's stock after selling 1,027,971 shares during the period. Bank of New York Mellon Corp owned approximately 0.97% of Philip Morris International worth $2,387,698,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Pacifica Partners Inc. raised its stake in Philip Morris International by 115.0% during the first quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock worth $35,000 after acquiring an additional 115 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Philip Morris International in the 1st quarter worth about $35,000. Knuff & Co LLC bought a new stake in shares of Philip Morris International in the 4th quarter worth about $36,000. Ball & Co Wealth Management Inc. acquired a new stake in shares of Philip Morris International during the 4th quarter worth about $36,000. Finally, Ameriflex Group Inc. bought a new position in Philip Morris International during the 4th quarter valued at about $36,000. 78.63% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PM shares. 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. Citigroup raised their price objective on shares of Philip Morris International from $163.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, April 16th. UBS Group upgraded shares of Philip Morris International from a "sell" rating to a "neutral" rating and upped their target price for the stock from $130.00 to $170.00 in a research report on Friday, April 25th. Bank of America increased their price target on shares of Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, Barclays reaffirmed an "overweight" rating and set a $220.00 price objective (up previously from $205.00) on shares of Philip Morris International in a report on Friday, June 13th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, Philip Morris International has a consensus rating of "Moderate Buy" and a consensus target price of $176.80.

Philip Morris International Trading Up 1.8%

Shares of PM stock traded up $3.09 during trading on Friday, hitting $179.00. The company's stock had a trading volume of 2,734,143 shares, compared to its average volume of 5,642,713. The company has a market cap of $278.62 billion, a PE ratio of 36.91, a P/E/G ratio of 2.59 and a beta of 0.51. The business has a fifty day moving average of $177.14 and a 200-day moving average of $154.59. Philip Morris International Inc. has a 52 week low of $101.62 and a 52 week high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $1.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.08. Philip Morris International had a negative return on equity of 122.40% and a net margin of 8.43%. The firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $9.10 billion. During the same quarter in the prior year, the company earned $1.50 EPS. The business's revenue for the quarter was up 5.8% on a year-over-year basis. As a group, research analysts predict that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Dividend Announcement

The business 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 dividend yield of 3.02%. Philip Morris International's dividend payout ratio (DPR) is presently 111.34%.

Philip Morris International Company 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.