Cypress Capital Group Acquires 1,827 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• Cypress Capital Group increased its stake in Philip Morris International Inc. by 3.9%, now holding 48,244 shares valued at approximately $7.66 million.
• Analysts have set a range of new price targets for the stock, with JPMorgan Chase increasing its target from $175 to $190, while the average price target stands at $186.27.
• Philip Morris International recently announced a quarterly dividend of $1.35 per share, which represents an annualized yield of 3.2%.

Cypress Capital Group lifted its position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 3.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,244 shares of the company's stock after purchasing an additional 1,827 shares during the period. Philip Morris International comprises 1.0% of Cypress Capital Group's investment portfolio, making the stock its 28th largest holding. Cypress Capital Group's holdings in Philip Morris International were worth $7,658,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in PM. Brighton Jones LLC boosted its holdings in Philip Morris International by 31.1% in the fourth quarter. Brighton Jones LLC now owns 8,531 shares of the company's stock valued at $1,027,000 after acquiring an additional 2,023 shares during the last quarter. Revolve Wealth Partners LLC boosted its holdings in shares of Philip Morris International by 4.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 2,097 shares of the company's stock worth $252,000 after buying an additional 91 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Philip Morris International during the 4th quarter worth approximately $15,513,000. LSV Asset Management boosted its holdings in shares of Philip Morris International by 41.7% during the 4th quarter. LSV Asset Management now owns 6,800 shares of the company's stock worth $818,000 after buying an additional 2,000 shares in the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Philip Morris International by 4.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 217,903 shares of the company's stock worth $26,196,000 after buying an additional 8,914 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors.

Philip Morris International Trading Up 0.6%

Shares of PM stock traded up $1.05 on Friday, hitting $166.32. 1,731,760 shares of the stock were exchanged, compared to its average volume of 6,065,340. The firm has a market capitalization of $258.89 billion, a PE ratio of 31.52, a P/E/G ratio of 2.41 and a beta of 0.48. Philip Morris International Inc. has a one year low of $116.12 and a one year high of $186.69. The firm's 50 day moving average is $175.15 and its two-hundred day moving average is $164.30.

Philip Morris International (NYSE:PM - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $1.91 EPS for the quarter, topping the consensus estimate 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 business had revenue of $10.14 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same quarter last year, the company earned $1.59 EPS. The firm's revenue was up 7.1% compared to the same quarter last year. On average, 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 business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th were paid a $1.35 dividend. The ex-dividend date was Friday, June 27th. This represents a $5.40 annualized dividend and a yield of 3.2%. Philip Morris International's dividend payout ratio (DPR) is currently 102.66%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PM. Wall Street Zen cut Philip Morris International from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Bank of America increased their target price on Philip Morris International from $182.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Citigroup reiterated an "overweight" rating on shares of Philip Morris International in a report on Tuesday, July 22nd. Jefferies Financial Group initiated coverage on Philip Morris International in a research report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 price target for the company. Finally, KGI Securities initiated coverage on Philip Morris International in a research report on Monday, August 4th. They issued an "outperform" rating for the company. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, Philip Morris International has an average rating of "Moderate Buy" and a consensus price target of $186.27.

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.