Essex Financial Services Inc. Has $4.18 Million Stake in Philip Morris International Inc. (NYSE:PM)

Essex Financial Services Inc. lowered its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 7.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 26,304 shares of the company's stock after selling 2,042 shares during the period. Essex Financial Services Inc.'s holdings in Philip Morris International were worth $4,175,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PM. Brighton Jones LLC lifted its position in shares of Philip Morris International by 31.1% during the 4th 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 period. Revolve Wealth Partners LLC lifted its position 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 valued at $252,000 after acquiring an additional 91 shares during the period. Verus Capital Partners LLC lifted its position in shares of Philip Morris International by 15.9% during the 4th quarter. Verus Capital Partners LLC now owns 6,706 shares of the company's stock valued at $807,000 after acquiring an additional 922 shares during the period. Flputnam Investment Management Co. lifted its position in shares of Philip Morris International by 1.2% during the 4th quarter. Flputnam Investment Management Co. now owns 9,123 shares of the company's stock valued at $1,098,000 after acquiring an additional 105 shares during the period. Finally, SVB Wealth LLC acquired a new position in shares of Philip Morris International during the 4th quarter valued at $1,207,000. Institutional investors and hedge funds own 78.63% of the company's stock.

Philip Morris International Price Performance

NYSE PM opened at $181.11 on Friday. The company has a fifty day moving average price of $175.96 and a 200-day moving average price of $152.97. The firm has a market cap of $281.90 billion, a price-to-earnings ratio of 37.34, a PEG ratio of 2.62 and a beta of 0.52. Philip Morris International Inc. has a 1 year low of $100.80 and a 1 year high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last issued 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. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.10 billion. Philip Morris International had a net margin of 8.43% and a negative return on equity of 122.40%. The firm's quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.50 EPS. On average, research analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 27th will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Friday, June 27th. Philip Morris International's dividend payout ratio (DPR) is currently 111.34%.

Analysts Set New Price Targets

PM has been the topic of a number of research reports. Wall Street Zen upgraded shares of Philip Morris International from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Barclays restated an "overweight" rating and set a $220.00 price target (up previously from $205.00) on shares of Philip Morris International in a research note on Friday, June 13th. UBS Group upgraded shares of Philip Morris International from a "sell" rating to a "neutral" rating and boosted their price target for the company from $130.00 to $170.00 in a research note on Friday, April 25th. Stifel Nicolaus boosted their price target on shares of Philip Morris International from $168.00 to $186.00 and gave the company a "buy" rating in a research note on Thursday, April 24th. Finally, Morgan Stanley restated an "overweight" rating and set a $182.00 price target (up previously from $156.00) on shares of Philip Morris International in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $176.80.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.