Cornerstone Advisors LLC Has $10 Million Stock Position in Philip Morris International Inc. (NYSE:PM)

Key Points

• Cornerstone Advisors LLC reduced its stake in Philip Morris International Inc. by 28.9%, holding 63,000 shares valued at approximately $10 million as of its latest SEC filing.
• Brokerage firms have shown positive sentiment towards Philip Morris International, with upgrades from KGI Securities, Wall Street Zen, and J.P. Morgan Chase raising the target price to $190.
• Philip Morris announced a quarterly dividend of $1.35 per share, translating to an annualized yield of 3.3%, despite a high dividend payout ratio of 102.66%.

Cornerstone Advisors LLC lowered its stake in Philip Morris International Inc. (NYSE:PM - Free Report) by 28.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 63,000 shares of the company's stock after selling 25,600 shares during the quarter. Cornerstone Advisors LLC's holdings in Philip Morris International were worth $10,000,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacifica Partners Inc. increased its position in Philip Morris International by 115.0% during the first quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock worth $35,000 after buying an additional 115 shares during the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Philip Morris International during the first quarter worth approximately $35,000. Inlight Wealth Management LLC bought a new stake in shares of Philip Morris International during the first quarter worth approximately $38,000. Ameriflex Group Inc. bought a new stake in shares of Philip Morris International during the fourth quarter worth approximately $36,000. Finally, Hughes Financial Services LLC bought a new stake in shares of Philip Morris International during the first quarter worth approximately $46,000. Institutional investors and hedge funds own 78.63% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PM. KGI Securities began coverage on Philip Morris International in a research note on Monday. They issued an "outperform" rating for the company. Wall Street Zen upgraded Philip Morris International from a "hold" rating to a "buy" rating in a research note on Sunday, July 20th. Citigroup reiterated an "overweight" rating on shares of Philip Morris International in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upped their target price on Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Finally, Needham & Company LLC restated a "buy" rating and set a $195.00 target price on shares of Philip Morris International in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $186.27.

Philip Morris International Price Performance

NYSE PM opened at $163.92 on Wednesday. The business has a fifty day moving average price of $176.93 and a two-hundred day moving average price of $162.49. The stock has a market capitalization of $255.15 billion, a PE ratio of 31.16, a PEG ratio of 2.37 and a beta of 0.48. Philip Morris International Inc. has a fifty-two week low of $113.20 and a fifty-two week high of $186.69.

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

Philip Morris International Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 27th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, June 27th. Philip Morris International's dividend payout ratio is presently 102.66%.

About Philip Morris International

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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