Philip Morris International Inc. (NYSE:PM) Shares Sold by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC reduced its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 27.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,531 shares of the company's stock after selling 5,002 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Philip Morris International were worth $2,148,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Capital & Planning LLC raised its position in Philip Morris International by 7.1% in the fourth quarter. Capital & Planning LLC now owns 2,613 shares of the company's stock worth $318,000 after acquiring an additional 173 shares during the period. Brighton Jones LLC grew its stake in Philip Morris International by 31.1% during 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 in the last quarter. Revolve Wealth Partners LLC grew its stake in Philip Morris International by 4.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,097 shares of the company's stock valued at $252,000 after acquiring an additional 91 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Philip Morris International by 68.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 380,783 shares of the company's stock worth $46,113,000 after buying an additional 154,206 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in Philip Morris International by 9.0% in the 4th quarter. Asset Management One Co. Ltd. now owns 858,383 shares of the company's stock worth $104,238,000 after buying an additional 71,181 shares in the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PM has been the subject of a number of recent analyst reports. 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. Needham & Company LLC assumed coverage on shares of Philip Morris International in a research report on Thursday, May 22nd. They set a "buy" rating on the stock. Barclays increased their price objective on shares of Philip Morris International from $205.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday. JPMorgan Chase & Co. upped their target price on shares of Philip Morris International from $145.00 to $160.00 and gave the company an "overweight" rating in a research note on Tuesday, February 18th. Finally, UBS Group upgraded shares of Philip Morris International from a "sell" rating to a "neutral" rating and upped their target price for the company from $130.00 to $170.00 in a research note on Friday, April 25th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $176.80.

Philip Morris International Price Performance

NYSE PM traded down $0.09 during mid-day trading on Friday, hitting $184.01. The stock had a trading volume of 5,500,599 shares, compared to its average volume of 5,615,900. The firm's 50 day moving average is $170.67 and its 200 day moving average is $149.34. Philip Morris International Inc. has a twelve month low of $98.93 and a twelve month high of $185.16. The stock has a market capitalization of $286.41 billion, a price-to-earnings ratio of 40.80, a PEG ratio of 2.65 and a beta of 0.52.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $1.69 earnings per share for the quarter, topping analysts' consensus estimates of $1.61 by $0.08. Philip Morris International had a negative return on equity of 120.08% and a net margin of 7.89%. The business had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $9.10 billion. During the same period in the prior year, the business posted $1.50 EPS. The company's revenue was up 5.8% compared to the same quarter last year. As a group, equities research analysts expect that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 27th will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.93%. Philip Morris International's dividend payout ratio (DPR) is presently 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.