Bank of Nova Scotia Sells 359,789 Shares of Philip Morris International Inc. $PM

Key Points

• Bank of Nova Scotia cut its Philip Morris International stake by 25.3% in the first quarter, selling 359,789 shares and leaving it with about 1.06 million shares worth roughly $175.5 million.
• Philip Morris delivered a strong Q2, with adjusted EPS of $2.20 and revenue of $11.19 billion, both above estimates, helped by growth in smoke-free products like IQOS, ZYN, and VEEV.
• Despite the beat, the company trimmed full-year EPS guidance due to currency headwinds and conflict-related costs, even as analysts turned more bullish and raised price targets after earnings.

Bank of Nova Scotia lessened its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 25.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,061,473 shares of the company's stock after selling 359,789 shares during the quarter. Bank of Nova Scotia owned about 0.07% of Philip Morris International worth $175,504,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in PM. Capital International Investors grew its position in Philip Morris International by 13.7% in the 4th quarter. Capital International Investors now owns 101,377,875 shares of the company's stock worth $16,262,967,000 after purchasing an additional 12,227,004 shares during the period. Capital Research Global Investors raised its stake in Philip Morris International by 25.3% during the 4th quarter. Capital Research Global Investors now owns 54,559,706 shares of the company's stock valued at $8,751,407,000 after buying an additional 11,013,173 shares during the last quarter. Capital World Investors raised its stake in Philip Morris International by 2.8% during the 4th quarter. Capital World Investors now owns 132,355,726 shares of the company's stock valued at $21,230,315,000 after buying an additional 3,579,399 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Philip Morris International by 36.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 9,301,112 shares of the company's stock valued at $1,491,898,000 after buying an additional 2,475,204 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Philip Morris International by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 145,262,397 shares of the company's stock valued at $23,300,088,000 after buying an additional 1,793,949 shares during the period. 78.63% of the stock is currently owned by institutional investors.

Philip Morris International News Summary

Here are the key news stories impacting Philip Morris International this week:

• Positive Sentiment: Philip Morris beat Q2 estimates, reporting adjusted EPS of $2.20 on revenue of $11.19 billion, both above expectations, while smoke-free products like IQOS, ZYN, and VEEV drove growth and margin expansion. Philip Morris Trimmed Guidance, But Its Growth Story Looks Unshaken
• Positive Sentiment: Several analysts turned more constructive after the earnings release, including Stifel raising its price target to $205, Needham lifting its target to $215, and BTIG upgrading the stock to strong-buy. Analyst updates on Philip Morris price targets
• Positive Sentiment: The company’s smoke-free business continues to gain traction, with one report noting smoke-free products now make up 42% of revenue, supporting the long-term growth story. Philip Morris: The First $11 Billion Quarter Won't Be The Last
• Neutral Sentiment: Management raised investment in ZYN and highlighted strong nicotine pouch momentum, which supports growth but also signals higher spending to sustain it. Philip Morris to lift Zyn investment, cigarette demand drives earnings beat
• Negative Sentiment: Philip Morris trimmed full-year EPS guidance, citing currency pressure and costs tied to Middle East conflict, which is weighing on enthusiasm despite the strong quarter. Philip Morris Trims Forecast on Currencies, Iran War Costs

Wall Street Analysts Forecast Growth

PM has been the subject of several research analyst reports. Needham & Company LLC lifted their price objective on Philip Morris International from $200.00 to $215.00 and gave the stock a "buy" rating in a report on Thursday. Weiss Ratings reissued a "buy (b)" rating on shares of Philip Morris International in a report on Wednesday, May 20th. Stifel Nicolaus raised their target price on Philip Morris International from $195.00 to $205.00 and gave the stock a "buy" rating in a research report on Thursday. Morgan Stanley boosted their price target on Philip Morris International from $200.00 to $215.00 and gave the company an "overweight" rating in a research note on Thursday. Finally, BTIG Research started coverage on shares of Philip Morris International in a research report on Tuesday. They set a "buy" rating and a $216.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $201.44.

Philip Morris International Price Performance

Shares of PM stock opened at $191.13 on Friday. The company has a market capitalization of $297.89 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 2.29 and a beta of 0.38. Philip Morris International Inc. has a one year low of $142.11 and a one year high of $199.78. The company's fifty day moving average price is $182.72 and its 200-day moving average price is $175.34.

Philip Morris International (NYSE:PM - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $2.20 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.15. Philip Morris International had a net margin of 13.05% and a negative return on equity of 163.41%. The company had revenue of $11.19 billion during the quarter, compared to the consensus estimate of $10.60 billion. During the same quarter in the prior year, the firm posted $1.89 EPS. Philip Morris International's quarterly revenue was up 10.4% compared to the same quarter last year. Philip Morris International has set its Q3 2026 guidance at 2.200-2.25 EPS. Equities research analysts expect that Philip Morris International Inc. will post 8.37 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Stockholders of record on Thursday, June 25th were given a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Thursday, June 25th. Philip Morris International's payout ratio is presently 82.70%.

Philip Morris International Company Profile

Philip Morris International Inc NYSE: PM is a global tobacco company that manufactures and sells cigarettes, other nicotine-containing products and a growing portfolio of smoke-free alternatives for adult smokers. The firm traces its corporate roots to the 19th century Philip Morris enterprise and was established as an independent, publicly traded company following a 2008 separation from what is now Altria. Since the spin-off, the company has focused on serving international markets outside the United States.

PMI's product mix includes traditional combustible cigarettes as well as smoke-free offerings such as heated tobacco systems and other reduced-risk products.

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