DAVENPORT & Co LLC Lowers Stock Position in Philip Morris International Inc. $PM

Key Points

• DAVENPORT & Co LLC has reduced its stake in Philip Morris International Inc. by 2.7%, now holding 848,910 shares, which represent approximately 0.8% of its investment portfolio.
• Several hedge funds have recently increased their positions in Philip Morris, with Nuveen LLC acquiring a stake valued at approximately $1.71 billion in the first quarter.
• Philip Morris International announced a quarterly dividend increase to $1.47 per share, up from $1.35, reflecting a yearly yield of 3.8% amidst a payout ratio of 111.79%.

DAVENPORT & Co LLC trimmed its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 2.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 848,910 shares of the company's stock after selling 23,703 shares during the quarter. Philip Morris International makes up approximately 0.8% of DAVENPORT & Co LLC's investment portfolio, making the stock its 29th biggest holding. DAVENPORT & Co LLC owned about 0.05% of Philip Morris International worth $154,423,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PM. Nuveen LLC bought a new stake in Philip Morris International during the first quarter valued at about $1,712,994,000. Wellington Management Group LLP lifted its position in shares of Philip Morris International by 26.4% during the first quarter. Wellington Management Group LLP now owns 21,840,422 shares of the company's stock valued at $3,466,730,000 after buying an additional 4,563,632 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Philip Morris International by 57.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,794,530 shares of the company's stock valued at $1,554,686,000 after buying an additional 3,575,158 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Philip Morris International by 22.2% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,018,628 shares of the company's stock worth $1,431,527,000 after buying an additional 1,635,636 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Philip Morris International by 111.1% during the 1st quarter. AQR Capital Management LLC now owns 3,002,216 shares of the company's stock worth $473,660,000 after acquiring an additional 1,580,368 shares in the last quarter. Hedge funds and other institutional investors own 78.63% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PM. Citigroup reaffirmed a "buy" rating on shares of Philip Morris International in a report on Thursday, September 4th. Barclays dropped their target price on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Needham & Company LLC reiterated a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a research note on Wednesday, July 23rd. UBS Group lowered their price target on Philip Morris International from $177.00 to $166.00 and set a "neutral" rating for the company in a report on Friday, September 5th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $195.44.

Philip Morris International Stock Performance

Shares of PM stock opened at $153.09 on Monday. Philip Morris International Inc. has a fifty-two week low of $116.12 and a fifty-two week high of $186.69. The firm has a market capitalization of $238.30 billion, a PE ratio of 29.10, a P/E/G ratio of 2.22 and a beta of 0.46. The stock's 50-day simple moving average is $164.82 and its 200-day simple moving average is $168.76.

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, 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 firm had revenue of $10.14 billion for the quarter, compared to analyst estimates of $10.33 billion. During the same quarter in the prior year, the firm earned $1.59 earnings per share. Philip Morris International's revenue for the quarter was up 7.1% on a year-over-year basis. Philip Morris International has set its Q3 2025 guidance at 2.080-2.130 EPS. Sell-side analysts forecast that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 3rd will be given a dividend of $1.47 per share. This is a boost from Philip Morris International's previous quarterly dividend of $1.35. This represents a $5.88 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, October 3rd. Philip Morris International's payout ratio is presently 111.79%.

Philip Morris International Company 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.

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