Naviter Wealth LLC Acquires 4,322 Shares of Philip Morris International Inc. $PM

Key Points

• Naviter Wealth LLC significantly increased its stake in Philip Morris International by 206.8%, acquiring an additional 4,322 shares, bringing its total holdings to 6,412 shares valued at approximately $1,172,000.
• Multiple large investors have also raised their positions in Philip Morris International, indicating a growing institutional interest, with 78.63% of the company's stock now held by institutional investors.
• Philip Morris International announced an increase in its quarterly dividend to $1.47 per share, up from $1.35, reflecting a strong commitment to shareholder returns with a current dividend yield of 3.7%.

Naviter Wealth LLC grew its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 206.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 6,412 shares of the company's stock after acquiring an additional 4,322 shares during the period. Naviter Wealth LLC's holdings in Philip Morris International were worth $1,172,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Linscomb Wealth Inc. increased its position in shares of Philip Morris International by 3.3% during the first quarter. Linscomb Wealth Inc. now owns 83,205 shares of the company's stock worth $13,207,000 after buying an additional 2,669 shares during the period. Mackenzie Financial Corp increased its position in shares of Philip Morris International by 7.3% during the first quarter. Mackenzie Financial Corp now owns 3,583,903 shares of the company's stock worth $568,873,000 after buying an additional 242,799 shares during the period. 49 Wealth Management LLC increased its position in shares of Philip Morris International by 79.0% during the first quarter. 49 Wealth Management LLC now owns 5,334 shares of the company's stock worth $847,000 after buying an additional 2,354 shares during the period. Cortland Associates Inc. MO increased its position in shares of Philip Morris International by 704.0% during the first quarter. Cortland Associates Inc. MO now owns 142,950 shares of the company's stock worth $22,690,000 after buying an additional 125,171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Philip Morris International by 24.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock worth $69,695,000 after buying an additional 87,631 shares during the period. Institutional investors own 78.63% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PM. Wall Street Zen cut shares of Philip Morris International from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. UBS Group reduced their price target on shares of Philip Morris International from $177.00 to $166.00 and set a "neutral" rating for the company in a report on Friday, September 5th. Jefferies Financial Group assumed coverage on shares of Philip Morris International in a report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 price target for the company. Barclays reduced their price target on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. raised their price target 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. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $195.44.

Philip Morris International Price Performance

Shares of NYSE PM opened at $159.08 on Wednesday. The stock has a market capitalization of $247.62 billion, a P/E ratio of 30.24, a P/E/G ratio of 2.33 and a beta of 0.46. The company has a 50-day moving average price of $164.07 and a 200-day moving average price of $168.83. Philip Morris International Inc. has a 1 year low of $116.12 and a 1 year high of $186.69.

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

Philip Morris International Increases Dividend

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