Granite Group Advisors LLC Acquires New Position in Philip Morris International Inc. $PM

Key Points

• Granite Group Advisors LLC acquired a new position in **Philip Morris International Inc.**, purchasing 3,349 shares valued at approximately **$610,000**.
• In Q2, **78.63%** of Philip Morris's stock is held by institutional investors and hedge funds, indicating strong institutional support for the company.
• Philip Morris International recently declared a quarterly dividend of **$1.47 per share**, which reflects an increase from the previous dividend and represents an annual yield of **3.7%**.

Granite Group Advisors LLC acquired a new stake in Philip Morris International Inc. (NYSE:PM - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,349 shares of the company's stock, valued at approximately $610,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. PFS Partners LLC lifted its position in Philip Morris International by 24.8% during the second quarter. PFS Partners LLC now owns 292 shares of the company's stock worth $53,000 after buying an additional 58 shares in the last quarter. Perigon Wealth Management LLC increased its stake in shares of Philip Morris International by 0.4% in the 1st quarter. Perigon Wealth Management LLC now owns 14,087 shares of the company's stock worth $2,236,000 after acquiring an additional 60 shares during the last quarter. TBH Global Asset Management LLC raised its holdings in shares of Philip Morris International by 0.9% during the 1st quarter. TBH Global Asset Management LLC now owns 6,932 shares of the company's stock worth $1,100,000 after acquiring an additional 61 shares during the period. Uncommon Cents Investing LLC boosted its position in shares of Philip Morris International by 1.1% during the 2nd quarter. Uncommon Cents Investing LLC now owns 5,666 shares of the company's stock valued at $1,032,000 after acquiring an additional 61 shares during the last quarter. Finally, NFP Retirement Inc. boosted its position in shares of Philip Morris International by 2.5% during the 1st quarter. NFP Retirement Inc. now owns 2,589 shares of the company's stock valued at $411,000 after acquiring an additional 62 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on PM. Wall Street Zen downgraded shares of Philip Morris International from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Needham & Company LLC restated a "buy" rating and set a $195.00 price target on shares of Philip Morris International in a report on Wednesday, July 23rd. Barclays reduced their price target on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. 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, JPMorgan Chase & Co. upped their price target on Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $195.44.

Philip Morris International Stock Down 0.2%

Shares of NYSE PM opened at $159.08 on Wednesday. The business's 50 day moving average is $164.07 and its two-hundred day moving average is $168.83. Philip Morris International Inc. has a 52-week low of $116.12 and a 52-week high of $186.69. The firm has a market cap of $247.62 billion, a price-to-earnings ratio of 30.24, a PEG ratio of 2.33 and a beta of 0.46.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 EPS for the quarter. The business had revenue of $8.12 billion during the quarter. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%. Analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Friday, October 3rd will be paid a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a yield of 3.7%. This is a boost from Philip Morris International's previous quarterly dividend of $1.35. The ex-dividend date is Friday, October 3rd. Philip Morris International's payout ratio is currently 111.79%.

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.

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