Elite Wealth Management Inc. Buys 14,543 Shares of Philip Morris International Inc. $PM

Key Points

• Elite Wealth Management increased its Philip Morris stake by 144.1% in the third quarter, buying 14,543 shares to hold 24,636 shares valued at about $4.7 million.
• Philip Morris beat quarterly earnings and revenue expectations, reporting EPS of $2.36 and revenue of $11.44 billion; revenue rose 5.5% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with a $212.40 average price target. The company also raised its quarterly dividend to $1.60, equivalent to a 3.2% yield at the reported share price.

Elite Wealth Management Inc. boosted its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 144.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,636 shares of the company's stock after purchasing an additional 14,543 shares during the quarter. Elite Wealth Management Inc.'s holdings in Philip Morris International were worth $4,701,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. raised its holdings in Philip Morris International by 0.4% in the second quarter. BlackRock Inc. now owns 108,039,522 shares of the company's stock valued at $19,545,430,000 after acquiring an additional 444,449 shares in the last quarter. State Street Corp grew its holdings in Philip Morris International by 1.0% during the 2nd quarter. State Street Corp now owns 55,569,994 shares of the company's stock worth $10,134,454,000 after acquiring an additional 536,968 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Philip Morris International in the 2nd quarter valued at approximately $8,220,008,000. Wellington Management Group LLP increased its position in shares of Philip Morris International by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 17,506,171 shares of the company's stock valued at $3,167,041,000 after purchasing an additional 650,587 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Philip Morris International in the 2nd quarter valued at approximately $3,075,267,000. 78.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PM shares. Stifel Nicolaus lifted their price objective on shares of Philip Morris International from $205.00 to $232.00 and gave the stock a "buy" rating in a research report on Tuesday, November 3rd. Morgan Stanley raised their price target on Philip Morris International from $200.00 to $215.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. BTIG Research set a $221.00 price target on Philip Morris International and gave the stock a "buy" rating in a report on Friday, July 24th. Needham & Company LLC upped their price objective on Philip Morris International from $215.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Finally, UBS Group upped their price objective on Philip Morris International from $193.00 to $201.00 and gave the stock a "neutral" rating in a research report on Thursday, October 22nd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Philip Morris International currently has a consensus rating of "Moderate Buy" and a consensus target price of $212.40.

Philip Morris International Trading Down 0.1%

PM stock opened at $197.76 on Monday. The stock has a market cap of $308.25 billion, a P/E ratio of 28.87, a PEG ratio of 2.65 and a beta of 0.34. Philip Morris International Inc. has a twelve month low of $146.35 and a twelve month high of $214.35. The company's 50 day moving average is $195.56 and its two-hundred day moving average is $182.81.

Philip Morris International (NYSE:PM - Get Free Report) last issued its earnings results on Wednesday, October 21st. The company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.06. The business had revenue of $11.44 billion during the quarter, compared to analysts' expectations of $11.32 billion. Philip Morris International had a net margin of 10.73% and a negative return on equity of 183.96%. The company's revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.24 EPS. On average, equities research analysts predict that Philip Morris International Inc. will post 8.32 earnings per share for the current year.

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 26th. Investors of record on Friday, October 2nd were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.2%. This is a boost from Philip Morris International's previous quarterly dividend of $1.47. The ex-dividend date of this dividend was Friday, October 2nd. Philip Morris International's dividend payout ratio is presently 93.43%.

Philip Morris International Company Profile

Philip Morris International is a global tobacco and nicotine company that develops, manufactures and sells cigarettes and smoke-free products. Its cigarette brands include Marlboro in markets outside the United States, along with other regional and international brands.

The company's smoke-free portfolio includes IQOS heated tobacco products, ZYN nicotine pouches and VEEV e-vapor products. Philip Morris International sells its products in markets around the world, with availability varying by country and subject to local regulations.

Philip Morris International became an independent publicly traded company in 2008 after separating from Altria Group.

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