Conning Inc. Cuts Stock Position in Philip Morris International Inc. (NYSE:PM)

Conning Inc. decreased its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 18.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 181,582 shares of the company's stock after selling 41,303 shares during the quarter. Conning Inc.'s holdings in Philip Morris International were worth $28,823,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. NewSquare Capital LLC raised its stake in shares of Philip Morris International by 53.7% during the fourth quarter. NewSquare Capital LLC now owns 206 shares of the company's stock valued at $25,000 after purchasing an additional 72 shares during the period. Pacifica Partners Inc. grew its holdings in Philip Morris International by 115.0% during the 1st quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock valued at $35,000 after purchasing an additional 115 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new stake in Philip Morris International during the 1st quarter worth $35,000. Knuff & Co LLC acquired a new position in Philip Morris International in the 4th quarter worth $36,000. Finally, Ball & Co Wealth Management Inc. acquired a new position in Philip Morris International in the 4th quarter worth $36,000. 78.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Wall Street Zen raised Philip Morris International from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. UBS Group upgraded Philip Morris International from a "sell" rating to a "neutral" rating and raised their price objective for the company from $130.00 to $170.00 in a research note on Friday, April 25th. Barclays reaffirmed an "overweight" rating and issued a $220.00 target price (up from $205.00) on shares of Philip Morris International in a research report on Friday, June 13th. Morgan Stanley reissued an "overweight" rating and set a $182.00 price target (up previously from $156.00) on shares of Philip Morris International in a research report on Thursday, April 24th. Finally, Bank of America upped their price target on shares of Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $176.80.

Philip Morris International Price Performance

Philip Morris International stock opened at $179.00 on Friday. Philip Morris International Inc. has a 12 month low of $100.80 and a 12 month high of $186.69. The company has a fifty day moving average price of $176.97 and a two-hundred day moving average price of $154.23. The company has a market cap of $278.62 billion, a PE ratio of 36.91, a P/E/G ratio of 2.55 and a beta of 0.51.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.69 EPS for the quarter, beating the consensus estimate of $1.61 by $0.08. The business had revenue of $9.30 billion during the quarter, compared to analyst estimates of $9.10 billion. Philip Morris International had a net margin of 8.43% and a negative return on equity of 122.40%. The company's quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.50 EPS. Equities research analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Dividend Announcement

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 issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend is Friday, June 27th. Philip Morris International's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.