Norden Group LLC Boosts Stock Position in Philip Morris International Inc. (NYSE:PM)

Key Points

• Norden Group LLC increased its stake in Philip Morris International Inc. by 22.7%, owning a total of 51,234 shares valued at approximately $8.13 million.
• Mackenzie Financial Corp also raised its position in Philip Morris by 7.3% during the first quarter, amassing a total of approximately $568.87 million worth of shares.
• Analysts have given strong ratings for Philip Morris, with an average consensus rating of "Moderate Buy" and a price target of $186.73.

Norden Group LLC raised its stake in Philip Morris International Inc. (NYSE:PM - Free Report) by 22.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,234 shares of the company's stock after purchasing an additional 9,487 shares during the period. Philip Morris International accounts for approximately 0.9% of Norden Group LLC's investment portfolio, making the stock its 12th largest holding. Norden Group LLC's holdings in Philip Morris International were worth $8,132,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its stake in Philip Morris International by 7.3% in the first quarter. Mackenzie Financial Corp now owns 3,583,903 shares of the company's stock valued at $568,873,000 after purchasing an additional 242,799 shares during the last quarter. Atlas Legacy Advisors LLC purchased a new stake in shares of Philip Morris International during the first quarter worth about $221,000. Vantage Financial Partners LLC purchased a new stake in shares of Philip Morris International during the first quarter worth about $248,000. Sheaff Brock Investment Advisors LLC grew its stake in shares of Philip Morris International by 0.3% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 43,183 shares of the company's stock worth $6,854,000 after acquiring an additional 109 shares during the last quarter. Finally, Brio Consultants LLC purchased a new stake in shares of Philip Morris International during the first quarter worth about $390,000. Hedge funds and other institutional investors own 78.63% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Bank of America boosted their price target on Philip Morris International from $182.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Jefferies Financial Group started coverage on Philip Morris International in a research report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 target price on the stock. Wall Street Zen upgraded Philip Morris International from a "hold" rating to a "buy" rating in a research report on Sunday, July 20th. Stifel Nicolaus upped their target price on Philip Morris International from $168.00 to $186.00 and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, Citigroup reiterated an "overweight" rating on shares of Philip Morris International in a research report on Tuesday, July 22nd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $186.73.

Philip Morris International Stock Down 0.1%

Shares of NYSE PM opened at $160.92 on Monday. The firm has a 50-day simple moving average of $178.86 and a 200-day simple moving average of $160.67. The stock has a market capitalization of $250.47 billion, a price-to-earnings ratio of 30.59, a price-to-earnings-growth ratio of 2.34 and a beta of 0.51. Philip Morris International Inc. has a 52 week low of $112.43 and a 52 week high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.05. The company had revenue of $10.14 billion during the quarter, compared to analysts' expectations of $10.33 billion. Philip Morris International had a negative return on equity of 120.86% and a net margin of 10.57%. The firm's quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.59 EPS. As a group, equities research analysts expect that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Friday, June 27th. Philip Morris International's payout ratio is currently 102.66%.

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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