Philip Morris International Inc. (NYSE:PM) Shares Sold by Manhattan West Asset Management LLC

Key Points

• Manhattan West Asset Management LLC reduced its holdings in Philip Morris International by 18.8%, selling 6,825 shares, leaving them with 29,502 shares valued at approximately $4.68 million.
• Despite the reduction by Manhattan West, other institutional investors like Goldman Sachs increased their stake by 57.5% during the same quarter, reflecting ongoing interest in Philip Morris International.
• The company recently announced a quarterly dividend of $1.35 per share, yielding about 3.2%, with a payout ratio of 102.66%.

Manhattan West Asset Management LLC reduced its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 18.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,502 shares of the company's stock after selling 6,825 shares during the period. Philip Morris International makes up about 1.2% of Manhattan West Asset Management LLC's holdings, making the stock its 22nd biggest holding. Manhattan West Asset Management LLC's holdings in Philip Morris International were worth $4,683,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PM. GAMMA Investing LLC grew its stake in Philip Morris International by 19,986.5% in the first quarter. GAMMA Investing LLC now owns 4,486,928 shares of the company's stock worth $712,210,000 after purchasing an additional 4,464,590 shares in the last quarter. Kovitz Investment Group Partners LLC grew its stake in Philip Morris International by 372.2% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,453,285 shares of the company's stock worth $656,303,000 after purchasing an additional 4,298,530 shares in the last quarter. Capital World Investors grew its stake in Philip Morris International by 3.6% in the fourth quarter. Capital World Investors now owns 122,584,210 shares of the company's stock worth $14,752,926,000 after purchasing an additional 4,216,586 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Philip Morris International by 57.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,794,530 shares of the company's stock worth $1,554,686,000 after acquiring an additional 3,575,158 shares during the last quarter. Finally, Lone Pine Capital LLC lifted its holdings in Philip Morris International by 44.4% in the fourth quarter. Lone Pine Capital LLC now owns 6,468,372 shares of the company's stock worth $778,469,000 after acquiring an additional 1,987,716 shares during the last quarter. 78.63% of the stock is owned by hedge funds and other institutional investors.

Philip Morris International Stock Performance

Shares of PM traded up $2.06 during mid-day trading on Friday, reaching $170.23. 3,774,105 shares of the company's stock traded hands, compared to its average volume of 7,028,849. The business's 50-day moving average price is $176.29 and its 200-day moving average price is $163.71. The stock has a market capitalization of $264.98 billion, a P/E ratio of 32.36, a price-to-earnings-growth ratio of 2.48 and a beta of 0.48. Philip Morris International Inc. has a 12 month low of $115.62 and a 12 month high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.86 by $0.05. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%. The company had revenue of $10.14 billion for the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter in the previous year, the company posted $1.59 earnings per share. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 27th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, June 27th. Philip Morris International's dividend payout ratio (DPR) is currently 102.66%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PM shares. Jefferies Financial Group started coverage on shares of Philip Morris International in a report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 target price on the stock. Stifel Nicolaus raised their target price on shares of Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. raised their target price on shares of Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Citigroup reissued an "overweight" rating on shares of Philip Morris International in a report on Tuesday, July 22nd. Finally, Morgan Stanley reissued an "overweight" rating and issued a $182.00 target price (up previously from $156.00) on shares of Philip Morris International in a report on Thursday, April 24th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $186.27.

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.