Beacon Harbor Wealth Advisors Inc. Sells 28,723 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• Beacon Harbor Wealth Advisors Inc. decreased its stake in Philip Morris International Inc. by 45.9% in the first quarter, now holding shares worth approximately $5.38 million.
• Several institutional investors have increased their holdings in Philip Morris, with FIL Ltd. raising its position by 52.1% in the last quarter, showcasing continued interest in the stock.
• Philip Morris International recently announced a $1.35 quarterly dividend, with a payout ratio of 102.66% and an annualized yield of 3.2%.

Beacon Harbor Wealth Advisors Inc. lessened its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 45.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,860 shares of the company's stock after selling 28,723 shares during the period. Beacon Harbor Wealth Advisors Inc.'s holdings in Philip Morris International were worth $5,375,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Mackenzie Financial Corp lifted its holdings in Philip Morris International by 7.3% in the first quarter. Mackenzie Financial Corp now owns 3,583,903 shares of the company's stock valued at $568,873,000 after buying an additional 242,799 shares during the period. 49 Wealth Management LLC lifted its holdings in Philip Morris International by 79.0% in the first quarter. 49 Wealth Management LLC now owns 5,334 shares of the company's stock valued at $847,000 after buying an additional 2,354 shares during the period. Cortland Associates Inc. MO lifted its holdings in Philip Morris International by 704.0% in the first quarter. Cortland Associates Inc. MO now owns 142,950 shares of the company's stock valued at $22,690,000 after buying an additional 125,171 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Philip Morris International by 24.9% in the first 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 during the period. Finally, SpringVest Wealth Management LLC acquired a new position in Philip Morris International in the first quarter valued at $253,000. Institutional investors and hedge funds own 78.63% of the company's stock.

Philip Morris International Stock Performance

NYSE PM traded up $2.06 on Friday, hitting $170.23. The stock had a trading volume of 3,774,105 shares, compared to its average volume of 7,011,663. Philip Morris International Inc. has a 52-week low of $115.62 and a 52-week high of $186.69. The company has a market capitalization of $264.98 billion, a price-to-earnings ratio of 32.36, a price-to-earnings-growth ratio of 2.45 and a beta of 0.48. The firm has a 50-day moving average of $176.29 and a 200-day moving average of $163.16.

Philip Morris International (NYSE:PM - Get Free Report) last posted its earnings results on Tuesday, July 22nd. The company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.05. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. The business had revenue of $10.14 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same period in the prior year, the company posted $1.59 EPS. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, research analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 27th were issued a $1.35 dividend. The ex-dividend date of this dividend was Friday, June 27th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.2%. Philip Morris International's dividend payout ratio is presently 102.66%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PM. Needham & Company LLC reaffirmed a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a research note on Wednesday, July 23rd. Jefferies Financial Group began coverage on shares of Philip Morris International in a research note on Wednesday, July 9th. They issued a "buy" rating and a $220.00 price target for the company. Bank of America boosted their target price on shares of Philip Morris International from $182.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. UBS Group boosted their target price on shares of Philip Morris International from $170.00 to $181.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Philip Morris International has a consensus rating of "Moderate Buy" and an average price target of $186.27.

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.