First Merchants Corp Cuts Holdings in Philip Morris International Inc. (NYSE:PM)

First Merchants Corp lowered its stake in Philip Morris International Inc. (NYSE:PM - Free Report) by 30.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,098 shares of the company's stock after selling 8,650 shares during the period. First Merchants Corp's holdings in Philip Morris International were worth $3,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PM. Wealth Enhancement Advisory Services LLC raised its stake in Philip Morris International by 24.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock valued at $69,695,000 after buying an additional 87,631 shares in the last quarter. Brighton Jones LLC raised 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 worth $1,027,000 after acquiring an additional 2,023 shares in the last quarter. Symmetry Investments LP purchased a new stake in Philip Morris International during the fourth quarter worth approximately $1,966,000. Worth Asset Management LLC acquired a new position in Philip Morris International in the first quarter valued at approximately $2,223,000. Finally, Annex Advisory Services LLC boosted its holdings in Philip Morris International by 46.6% in the first quarter. Annex Advisory Services LLC now owns 34,715 shares of the company's stock valued at $5,510,000 after purchasing an additional 11,034 shares in the last quarter. Hedge funds and other institutional investors own 78.63% of the company's stock.

Philip Morris International Stock Performance

NYSE PM opened at $180.61 on Friday. The firm's fifty day moving average is $175.60 and its two-hundred day moving average is $152.43. Philip Morris International Inc. has a one year low of $100.80 and a one year high of $186.69. The firm has a market cap of $281.13 billion, a PE ratio of 37.24, a P/E/G ratio of 2.60 and a beta of 0.52.

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 (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.08. The firm had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $9.10 billion. Philip Morris International had a negative return on equity of 122.40% and a net margin of 8.43%. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.50 EPS. Research analysts predict that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Dividend Announcement

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 dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.99%. The ex-dividend date is Friday, June 27th. Philip Morris International's dividend payout ratio is presently 111.34%.

Analyst Ratings Changes

A number of research firms have weighed in on PM. Morgan Stanley reissued an "overweight" rating and set a $182.00 price objective (up previously from $156.00) on shares of Philip Morris International in a report on Thursday, April 24th. Needham & Company LLC assumed coverage on shares of Philip Morris International in a research report on Thursday, May 22nd. They issued a "buy" rating on the stock. Argus raised shares of Philip Morris International from a "hold" rating to a "buy" rating in a research report on Friday, March 14th. UBS Group upgraded shares of Philip Morris International from a "sell" rating to a "neutral" rating and upped their price objective for the company from $130.00 to $170.00 in a research note on Friday, April 25th. Finally, Stifel Nicolaus lifted their target price on Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Philip Morris International currently has an average 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.

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