Meritage Portfolio Management Lowers Stock Holdings in Philip Morris International Inc. $PM

Key Points

• Meritage Portfolio Management reduced its stake in Philip Morris International Inc. by 7.1%, now holding 27,934 shares valued at approximately $5.09 million.
• Philip Morris recently increased its quarterly dividend from $1.35 to $1.47 per share, resulting in an annualized dividend of $5.88 and a yield of 3.7%.
• Wall Street analysts are optimistic about Philip Morris, with an average target price of $195.44 and a consensus rating of “Moderate Buy” from eleven investment analysts.

Meritage Portfolio Management cut its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 7.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,934 shares of the company's stock after selling 2,137 shares during the quarter. Meritage Portfolio Management's holdings in Philip Morris International were worth $5,088,000 at the end of the most recent reporting period.

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

Philip Morris International Stock Performance

NYSE:PM opened at $160.51 on Friday. Philip Morris International Inc. has a fifty-two week low of $116.12 and a fifty-two week high of $186.69. The stock has a market capitalization of $249.85 billion, a P/E ratio of 30.52, a P/E/G ratio of 2.34 and a beta of 0.46. The company's 50-day simple moving average is $164.24 and its 200-day simple moving average is $168.77.

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

Philip Morris International Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 3rd will be paid a dividend of $1.47 per share. This is a positive change from Philip Morris International's previous quarterly dividend of $1.35. The ex-dividend date is Friday, October 3rd. This represents a $5.88 annualized dividend and a yield of 3.7%. Philip Morris International's dividend payout ratio (DPR) is presently 111.79%.

Wall Street Analysts Forecast Growth

PM has been the topic of several research reports. JPMorgan Chase & Co. raised 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. Citigroup restated a "buy" rating on shares of Philip Morris International in a research note on Thursday, September 4th. 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 price target on the stock. KGI Securities initiated coverage on Philip Morris International in a research note on Monday, August 4th. They set an "outperform" rating on the stock. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Philip Morris International in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $195.44.

Philip Morris International Company 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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