Empire Life Investments Inc. Has $12.15 Million Stake in Philip Morris International Inc. (NYSE:PM)

Key Points

• Empire Life Investments Inc. has reduced its stake in Philip Morris International by 18.9% during the first quarter, leaving it with a valuation of $12.15 million in shares.
• Philip Morris International's stock is currently trading at $162.96, experiencing a 0.7% decline, with a market capitalization of $253.66 billion.
• The company reported a quarterly earnings per share (EPS) of $1.91, surpassing expectations, but with revenue slightly below forecasts at $10.14 billion.

Empire Life Investments Inc. decreased its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 18.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 76,564 shares of the company's stock after selling 17,859 shares during the quarter. Empire Life Investments Inc.'s holdings in Philip Morris International were worth $12,153,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PM. Pacifica Partners Inc. increased its holdings in shares of 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 purchasing an additional 115 shares during the period. Redmont Wealth Advisors LLC acquired a new position in Philip Morris International in the 1st quarter valued at $35,000. Ball & Co Wealth Management Inc. bought a new stake in shares of Philip Morris International during the 4th quarter valued at $36,000. Ameriflex Group Inc. acquired a new stake in shares of Philip Morris International during the 4th quarter worth $36,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Philip Morris International in the first quarter worth $38,000. Institutional investors and hedge funds own 78.63% of the company's stock.

Wall Street Analyst Weigh In

PM has been the topic of a number of analyst reports. Citigroup reiterated an "overweight" rating on shares of Philip Morris International in a research note on Tuesday, July 22nd. Wall Street Zen upgraded shares of Philip Morris International from a "hold" rating to a "buy" rating in a research note on Sunday, July 20th. Needham & Company LLC reiterated a "buy" rating and set a $195.00 price objective on shares of Philip Morris International in a research note on Wednesday, July 23rd. Jefferies Financial Group initiated coverage on Philip Morris International in a research note on Wednesday, July 9th. They set a "buy" rating and a $220.00 target price for the company. Finally, KGI Securities initiated coverage on Philip Morris International in a research note on Monday. They set an "outperform" rating for the company. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Philip Morris International has a consensus rating of "Moderate Buy" and a consensus price target of $186.27.

Philip Morris International Stock Performance

Shares of NYSE:PM traded up $1.13 during midday trading on Thursday, hitting $168.12. 3,475,375 shares of the stock were exchanged, compared to its average volume of 6,144,654. The business's 50-day moving average price is $176.70 and its 200 day moving average price is $162.53. The stock has a market capitalization of $261.70 billion, a price-to-earnings ratio of 31.96, a P/E/G ratio of 2.39 and a beta of 0.48. Philip Morris International Inc. has a 12 month low of $114.94 and a 12 month 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.05. The firm had revenue of $10.14 billion during the quarter, compared to analysts' expectations of $10.33 billion. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. The company's revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.59 EPS. As a group, sell-side analysts expect that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 27th were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.2%. 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.