Bridges Investment Management Inc. Decreases Stake in Philip Morris International Inc. $PM

Key Points

• Bridges Investment Management Inc. reduced its stake in Philip Morris International by 5.2%, owning 61,488 shares valued at approximately $11.2 million after selling 3,394 shares in the second quarter.
• The company announced an increase in its quarterly dividend to $1.47 per share, raising the annualized dividend yield to 3.7%.
• Wall Street analysts have mixed ratings on Philip Morris, with a majority maintaining a "buy" rating, while UBS adjusted its target price from $177 to $166.

Bridges Investment Management Inc. cut its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 5.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,488 shares of the company's stock after selling 3,394 shares during the quarter. Bridges Investment Management Inc.'s holdings in Philip Morris International were worth $11,199,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PM. PFS Partners LLC lifted its position in shares of Philip Morris International by 24.8% during the second quarter. PFS Partners LLC now owns 292 shares of the company's stock worth $53,000 after purchasing an additional 58 shares in the last quarter. Perigon Wealth Management LLC increased its stake in Philip Morris International by 0.4% during the 1st quarter. Perigon Wealth Management LLC now owns 14,087 shares of the company's stock worth $2,236,000 after buying an additional 60 shares during the period. TBH Global Asset Management LLC lifted its holdings in Philip Morris International by 0.9% during the 1st quarter. TBH Global Asset Management LLC now owns 6,932 shares of the company's stock worth $1,100,000 after buying an additional 61 shares in the last quarter. Uncommon Cents Investing LLC boosted its position in Philip Morris International by 1.1% in the 2nd quarter. Uncommon Cents Investing LLC now owns 5,666 shares of the company's stock valued at $1,032,000 after buying an additional 61 shares during the period. Finally, NFP Retirement Inc. grew its stake in shares of Philip Morris International by 2.5% in the first quarter. NFP Retirement Inc. now owns 2,589 shares of the company's stock worth $411,000 after acquiring an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 78.63% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. UBS Group decreased their target price on Philip Morris International from $177.00 to $166.00 and set a "neutral" rating for the company in a report on Friday, September 5th. Needham & Company LLC reiterated a "buy" rating and issued a $195.00 price objective on shares of Philip Morris International in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. boosted their price objective on Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Jefferies Financial Group initiated coverage on shares of Philip Morris International in a report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 target price on the stock. Finally, Wall Street Zen downgraded shares of Philip Morris International from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $195.44.

Philip Morris International Stock Down 0.7%

Shares of Philip Morris International stock opened at $157.88 on Thursday. Philip Morris International Inc. has a 52 week low of $116.12 and a 52 week high of $186.69. The firm's 50 day moving average is $163.89 and its two-hundred day moving average is $168.75. The firm has a market capitalization of $245.75 billion, a P/E ratio of 30.02, a P/E/G ratio of 2.32 and a beta of 0.46.

Philip Morris International (NYSE:PM - Get Free Report) last issued its earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share (EPS) for the quarter. The business had revenue of $8.12 billion during the quarter. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. As a group, research analysts expect that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Friday, October 3rd will be given a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from Philip Morris International's previous quarterly dividend of $1.35. The ex-dividend date is Friday, October 3rd. Philip Morris International's payout ratio is presently 111.79%.

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.

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