Connor Clark & Lunn Investment Management Ltd. Has $64.70 Million Holdings in Philip Morris International Inc. (NYSE:PM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Philip Morris International Inc. by 43%, acquiring an additional 122,609 shares, bringing its total to 407,588 shares valued at approximately $64.7 million.
• Several investment firms, such as Pacifica Partners Inc. and Inlight Wealth Management LLC, have also recently increased or initiated positions in Philip Morris, indicating heightened institutional interest, with institutional investors owning 78.63% of the stock.
• Philip Morris reported earnings of $1.91 per share for the last quarter, surpassing expectations, and declared a quarterly dividend of $1.35 with a yield of 3.2%.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Philip Morris International Inc. (NYSE:PM - Free Report) by 43.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 407,588 shares of the company's stock after buying an additional 122,609 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Philip Morris International were worth $64,696,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of Philip Morris International by 19,986.5% during the 1st quarter. GAMMA Investing LLC now owns 4,486,928 shares of the company's stock worth $712,210,000 after purchasing an additional 4,464,590 shares during the last quarter. Kovitz Investment Group Partners LLC increased its stake in shares of Philip Morris International by 372.2% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 5,453,285 shares of the company's stock worth $656,303,000 after purchasing an additional 4,298,530 shares during the last quarter. Capital World Investors increased its stake in shares of Philip Morris International by 3.6% during the 4th quarter. Capital World Investors now owns 122,584,210 shares of the company's stock worth $14,752,926,000 after purchasing an additional 4,216,586 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Philip Morris International by 57.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,794,530 shares of the company's stock worth $1,554,686,000 after purchasing an additional 3,575,158 shares during the last quarter. Finally, Lone Pine Capital LLC increased its stake in shares of Philip Morris International by 44.4% during the 4th quarter. Lone Pine Capital LLC now owns 6,468,372 shares of the company's stock worth $778,469,000 after purchasing an additional 1,987,716 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company's stock.

Analyst Upgrades and Downgrades

PM has been the subject of several recent analyst reports. Stifel Nicolaus upped their price objective on shares of Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. Citigroup reaffirmed an "overweight" rating on shares of Philip Morris International in a report on Tuesday, July 22nd. Jefferies Financial Group initiated coverage on shares of Philip Morris International in a report on Wednesday, July 9th. They set a "buy" rating and a $220.00 price objective for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $195.00 price objective on shares of Philip Morris International in a report on Wednesday, July 23rd. Finally, Barclays decreased their price objective on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $186.27.

Philip Morris International Stock Performance

Shares of NYSE:PM traded up $2.06 during midday trading on Friday, reaching $170.23. 3,774,105 shares of the company's stock were exchanged, compared to its average volume of 7,028,849. The company's 50 day simple moving average is $176.29 and its two-hundred day simple moving average is $163.71. The firm has a market capitalization of $264.98 billion, a PE ratio of 32.36, a price-to-earnings-growth ratio of 2.48 and a beta of 0.48. Philip Morris International Inc. has a 12 month low of $115.62 and a 12 month high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last released 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 company had revenue of $10.14 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the firm earned $1.59 EPS. On average, research analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 27th were given 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 dividend yield of 3.2%. Philip Morris International's dividend payout ratio (DPR) is 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.