Maryland State Retirement & Pension System Sells 11,075 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• Maryland State Retirement & Pension System reduced its stake in Philip Morris International by 13.2%, selling 11,075 shares during the first quarter, leaving them with 72,698 shares valued at approximately $11.54 million.
• Philip Morris International's stock recently rose by 1.7%, opening at $167.00, with a market cap of $259.96 billion and a 52-week trading range of $114.20 to $186.69.
• The company announced a quarterly dividend of $1.35, translating to an annualized dividend of $5.40 and a yield of 3.2%, despite a high dividend payout ratio of 102.66%.

Maryland State Retirement & Pension System lowered its stake in Philip Morris International Inc. (NYSE:PM - Free Report) by 13.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 72,698 shares of the company's stock after selling 11,075 shares during the quarter. Maryland State Retirement & Pension System's holdings in Philip Morris International were worth $11,539,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Philip Morris International by 0.9% during the first quarter. Vanguard Group Inc. now owns 140,621,675 shares of the company's stock worth $22,320,878,000 after buying an additional 1,189,283 shares during the last quarter. Capital World Investors increased its holdings in shares of Philip Morris International by 3.6% in the fourth quarter. Capital World Investors now owns 122,584,210 shares of the company's stock valued at $14,752,926,000 after purchasing an additional 4,216,586 shares during the last quarter. Northern Trust Corp boosted its position in shares of Philip Morris International by 11.0% in the fourth quarter. Northern Trust Corp now owns 13,630,177 shares of the company's stock valued at $1,640,392,000 after acquiring an additional 1,347,503 shares during the period. Fayez Sarofim & Co boosted its position in shares of Philip Morris International by 7.1% in the fourth quarter. Fayez Sarofim & Co now owns 10,313,383 shares of the company's stock valued at $1,241,216,000 after acquiring an additional 685,431 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of 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 valued at $1,554,686,000 after acquiring an additional 3,575,158 shares during the period. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Philip Morris International Stock Up 1.7%

Shares of PM stock opened at $167.00 on Thursday. The company has a market cap of $259.96 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 2.39 and a beta of 0.48. Philip Morris International Inc. has a 52 week low of $114.20 and a 52 week high of $186.69. The firm has a 50 day moving average of $176.70 and a 200-day moving average of $162.53.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly earnings data on Tuesday, July 22nd. The company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.86 by $0.05. The company had revenue of $10.14 billion during the quarter, compared to the consensus estimate of $10.33 billion. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. The company's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.59 EPS. Analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 27th were issued a $1.35 dividend. 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 Analyst Weigh In

Several research firms recently weighed in on PM. Bank of America upped their price objective on shares of Philip Morris International from $182.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. KGI Securities initiated coverage on Philip Morris International in a research note on Monday. They set an "outperform" rating for the company. Jefferies Financial Group initiated coverage on Philip Morris International in a research note on Wednesday, July 9th. They issued a "buy" rating and a $220.00 price objective for the company. Wall Street Zen raised Philip Morris International from a "hold" rating to a "buy" rating in a research note on Sunday, July 20th. Finally, Barclays lowered their price objective on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $186.27.

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.

Want to see what other hedge funds are holding PM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Philip Morris International Inc. (NYSE:PM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.