International Assets Investment Management LLC Purchases 88,316 Shares of Philip Morris International Inc. $PM

Key Points

• International Assets Investment Management increased its Philip Morris International stake by 755.9% in the third quarter, purchasing 88,316 additional shares and bringing its holdings to 100,000 shares valued at approximately $19.1 million.
• Philip Morris exceeded quarterly earnings and revenue expectations, reporting $2.36 in EPS and $11.44 billion in revenue, with sales up 5.5% year over year.
• The company raised its quarterly dividend to $1.60, or $6.40 annually, providing a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with a $209.70 average price target.

International Assets Investment Management LLC raised its position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 755.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,000 shares of the company's stock after buying an additional 88,316 shares during the period. International Assets Investment Management LLC's holdings in Philip Morris International were worth $19,082,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PM. BlackRock Inc. increased its position in shares of Philip Morris International by 0.4% in the second quarter. BlackRock Inc. now owns 108,039,522 shares of the company's stock valued at $19,545,430,000 after acquiring an additional 444,449 shares during the period. State Street Corp raised its stake in shares of Philip Morris International by 1.0% during the second quarter. State Street Corp now owns 55,569,994 shares of the company's stock valued at $10,134,454,000 after acquiring an additional 536,968 shares during the last quarter. GQG Partners LLC bought a new position in shares of Philip Morris International during the second quarter valued at about $8,220,008,000. Wellington Management Group LLP boosted its holdings in shares of Philip Morris International by 3.9% during the second quarter. Wellington Management Group LLP now owns 17,506,171 shares of the company's stock worth $3,167,041,000 after purchasing an additional 650,587 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Philip Morris International by 12.0% during the first quarter. Bank of America Corp DE now owns 17,230,669 shares of the company's stock worth $2,848,919,000 after purchasing an additional 1,847,421 shares during the period. Hedge funds and other institutional investors own 78.63% of the company's stock.

Philip Morris International Stock Performance

PM stock opened at $208.72 on Friday. Philip Morris International Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $214.35. The company has a market capitalization of $325.32 billion, a price-to-earnings ratio of 30.47, a price-to-earnings-growth ratio of 2.80 and a beta of 0.34. The business's 50 day moving average price is $194.20 and its two-hundred day moving average price is $181.93.

Philip Morris International (NYSE:PM - Get Free Report) last released its earnings results on Wednesday, October 21st. The company reported $2.36 EPS for the quarter, beating analysts' consensus estimates of $2.30 by $0.06. The company had revenue of $11.44 billion during the quarter, compared to analysts' expectations of $11.32 billion. Philip Morris International had a negative return on equity of 183.96% and a net margin of 10.73%. The firm's revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $2.24 EPS. Sell-side analysts forecast that Philip Morris International Inc. will post 8.32 earnings per share for the current year.

Philip Morris International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Friday, October 2nd were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.1%. This is a positive change from Philip Morris International's previous quarterly dividend of $1.47. The ex-dividend date was Friday, October 2nd. Philip Morris International's dividend payout ratio is currently 93.43%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PM shares. Barclays raised their target price on Philip Morris International from $205.00 to $225.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Stifel Nicolaus upped their price target on Philip Morris International from $195.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Argus increased their price objective on Philip Morris International from $210.00 to $220.00 and gave the stock a "buy" rating in a report on Monday, October 26th. Citigroup increased their price objective on Philip Morris International from $210.00 to $225.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Finally, Needham & Company LLC lifted their price objective on Philip Morris International from $215.00 to $220.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $209.70.

Philip Morris International Company Profile

Philip Morris International Inc NYSE: PM is a global tobacco and nicotine company headquartered in Stamford, Connecticut. It was established as an independent company in 2008 following the separation of Philip Morris International from Altria Group. The company develops, manufactures and markets tobacco, nicotine and other related consumer products primarily outside the United States.

Its portfolio includes internationally recognized cigarette brands such as Marlboro, Parliament, L&M, Chesterfield and Bond Street.

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