Bank of Nova Scotia Sells 414,546 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• The Bank of Nova Scotia reduced its stake in Philip Morris International by 28.2%, selling 414,546 shares during the quarter, leaving it with approximately 1,054,990 shares valued at $167,459,000.
• Analysts have varied price targets for Philip Morris International, with Morgan Stanley setting a target of $182.00 and JPMorgan Chase increasing theirs to $190.00, reflecting overall positive sentiment with an average rating of "Moderate Buy".
• Philip Morris International recently declared a quarterly dividend of $1.35 per share, resulting in an annualized dividend yield of 3.3%, although its payout ratio stands at 102.66%.

Bank of Nova Scotia reduced its position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 28.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,054,990 shares of the company's stock after selling 414,546 shares during the quarter. Bank of Nova Scotia owned about 0.07% of Philip Morris International worth $167,459,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pacifica Partners Inc. grew its stake in shares of 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 purchasing an additional 115 shares during the period. Redmont Wealth Advisors LLC bought a new position in Philip Morris International during the first quarter worth about $35,000. Ball & Co Wealth Management Inc. acquired a new position in shares of Philip Morris International during the 4th quarter worth about $36,000. Ameriflex Group Inc. bought a new stake in shares of Philip Morris International in the 4th quarter valued at about $36,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Philip Morris International in the 1st quarter valued at about $38,000. 78.63% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Morgan Stanley reissued an "overweight" rating and set a $182.00 price objective (up previously from $156.00) on shares of Philip Morris International in a research note on Thursday, April 24th. JPMorgan Chase & Co. boosted their price target on shares of Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Citigroup restated an "overweight" rating on shares of Philip Morris International in a research report on Tuesday, July 22nd. Jefferies Financial Group assumed coverage on Philip Morris International in a report on Wednesday, July 9th. They set a "buy" rating and a $220.00 target price on the stock. Finally, Barclays decreased their target price on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a research note on Wednesday. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $186.27.

Philip Morris International Trading Down 0.7%

Shares of NYSE PM opened at $162.96 on Friday. The company has a fifty day moving average price of $177.55 and a 200 day moving average price of $161.60. The firm has a market cap of $253.66 billion, a PE ratio of 30.98, a PEG ratio of 2.39 and a beta of 0.49. Philip Morris International Inc. has a 1-year low of $113.15 and a 1-year high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.86 by $0.05. The business had revenue of $10.14 billion for the quarter, compared to analyst estimates of $10.33 billion. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.59 earnings per share. Equities research analysts forecast that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 27th were issued a dividend of $1.35 per share. The ex-dividend date was Friday, June 27th. This represents a $5.40 dividend on an annualized basis and a yield of 3.3%. Philip Morris International's dividend payout ratio (DPR) is presently 102.66%.

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.

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