CNB Bank Reduces Position in Philip Morris International Inc. (NYSE:PM)

CNB Bank trimmed its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,746 shares of the company's stock after selling 2,576 shares during the period. CNB Bank's holdings in Philip Morris International were worth $1,230,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Perigon Wealth Management LLC raised its stake in shares of Philip Morris International by 0.4% during the first quarter. Perigon Wealth Management LLC now owns 14,087 shares of the company's stock worth $2,236,000 after acquiring an additional 60 shares in the last quarter. Lloyd Advisory Services LLC. grew its position in shares of Philip Morris International by 3.3% in the 1st quarter. Lloyd Advisory Services LLC. now owns 2,032 shares of the company's stock worth $323,000 after buying an additional 64 shares during the last quarter. Western Wealth Management LLC boosted its holdings in Philip Morris International by 1.5% in the first quarter. Western Wealth Management LLC now owns 4,446 shares of the company's stock valued at $706,000 after acquiring an additional 64 shares in the last quarter. Omnia Family Wealth LLC increased its position in shares of Philip Morris International by 1.7% during the fourth quarter. Omnia Family Wealth LLC now owns 3,851 shares of the company's stock valued at $469,000 after buying an additional 65 shares during the period. Finally, Wagner Wealth Management LLC grew its holdings in shares of Philip Morris International by 1.0% during the 1st quarter. Wagner Wealth Management LLC now owns 6,459 shares of the company's stock worth $1,025,000 after acquiring an additional 67 shares during the period. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PM. UBS Group upgraded shares of Philip Morris International from a "sell" rating to a "neutral" rating and increased their price target for the stock from $130.00 to $170.00 in a research note on Friday, April 25th. Barclays reaffirmed an "overweight" rating and set a $220.00 price objective (up from $205.00) on shares of Philip Morris International in a research report on Friday, June 13th. Needham & Company LLC started coverage on shares of Philip Morris International in a research report on Thursday, May 22nd. They issued a "buy" rating for the company. Bank of America boosted their price target on 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, Citigroup boosted 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. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $176.80.

Philip Morris International Stock Up 0.2%

PM stock traded up $0.45 during midday trading on Friday, hitting $181.11. The company's stock had a trading volume of 7,043,892 shares, compared to its average volume of 5,616,456. Philip Morris International Inc. has a 12 month low of $100.80 and a 12 month high of $186.69. The company has a 50 day moving average of $175.60 and a two-hundred day moving average of $152.43. The firm has a market capitalization of $281.90 billion, a price-to-earnings ratio of 37.34, a price-to-earnings-growth ratio of 2.60 and a beta of 0.52.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $1.69 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 company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $9.10 billion. During the same period in the prior year, the company earned $1.50 earnings per share. The firm's revenue was up 5.8% on a year-over-year basis. On average, analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

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 given a $1.35 dividend. The ex-dividend date is Friday, June 27th. This represents a $5.40 annualized dividend and a yield of 2.98%. Philip Morris International's dividend payout ratio is currently 111.34%.

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.