Hourglass Capital LLC Sells 13,325 Shares of Philip Morris International Inc. $PM

Key Points

• Hourglass Capital LLC reduced its stake in Philip Morris International by 19.7%, selling 13,325 shares, making the company its 9th largest holding valued at approximately $9.88 million.
• Several investors, including Linscomb Wealth Inc. and Mackenzie Financial Corp, have increased their holdings in Philip Morris International, demonstrating ongoing interest in the stock.
• Philip Morris International has recently declared a quarterly dividend of $1.47, increasing its yield to 3.7%, with a payout ratio of 111.79%.

Hourglass Capital LLC cut its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 19.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,255 shares of the company's stock after selling 13,325 shares during the quarter. Philip Morris International comprises approximately 2.4% of Hourglass Capital LLC's portfolio, making the stock its 9th biggest holding. Hourglass Capital LLC's holdings in Philip Morris International were worth $9,881,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Linscomb Wealth Inc. raised its holdings in shares of Philip Morris International by 3.3% in the 1st quarter. Linscomb Wealth Inc. now owns 83,205 shares of the company's stock worth $13,207,000 after purchasing an additional 2,669 shares during the period. Mackenzie Financial Corp raised its holdings in shares of Philip Morris International by 7.3% during the 1st quarter. Mackenzie Financial Corp now owns 3,583,903 shares of the company's stock valued at $568,873,000 after buying an additional 242,799 shares during the period. 49 Wealth Management LLC raised its holdings in shares of Philip Morris International by 79.0% during the 1st quarter. 49 Wealth Management LLC now owns 5,334 shares of the company's stock valued at $847,000 after buying an additional 2,354 shares during the period. Cortland Associates Inc. MO raised its holdings in shares of Philip Morris International by 704.0% during the 1st quarter. Cortland Associates Inc. MO now owns 142,950 shares of the company's stock valued at $22,690,000 after buying an additional 125,171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Philip Morris International by 24.9% during the 1st 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 during the period. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. upped their target price on Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wall Street Zen lowered Philip Morris International from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. KGI Securities started coverage on Philip Morris International in a research report on Monday, August 4th. They set an "outperform" rating for the company. Barclays reduced their price target on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Finally, UBS Group dropped their price objective on Philip Morris International from $177.00 to $166.00 and set a "neutral" rating on the stock in a research note on Friday, September 5th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Philip Morris International has an average rating of "Moderate Buy" and a consensus price target of $195.44.

Philip Morris International Trading Down 0.7%

NYSE:PM opened at $157.88 on Thursday. The firm has a market capitalization of $245.75 billion, a price-to-earnings ratio of 30.02, a PEG ratio of 2.32 and a beta of 0.46. Philip Morris International Inc. has a 1-year low of $116.12 and a 1-year high of $186.69. The business's fifty day moving average price is $163.89 and its 200 day moving average price is $168.75.

Philip Morris International (NYSE:PM - Get Free Report) last issued its earnings results on Tuesday, March 28th. The company reported $1.59 EPS for the quarter. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%.The firm had revenue of $8.12 billion for the quarter. Equities analysts forecast that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Increases Dividend

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