Associated Banc Corp Has $86.34 Million Position in Philip Morris International Inc. (NYSE:PM)

Key Points

• Associated Banc Corp increased its holdings in Philip Morris International by 2.5%, acquiring a total of 543,970 shares valued at approximately $86.34 million, making it the 8th largest position in their portfolio.
• Philip Morris reported a $1.91 EPS for its last quarter, surpassing analyst expectations, yet its revenue of $10.14 billion fell below estimates of $10.33 billion.
• The company has a dividend yield of 3.3% with an annualized dividend of $5.40, although its payout ratio stands at a high 102.66%.

Associated Banc Corp grew its holdings in Philip Morris International Inc. (NYSE:PM - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 543,970 shares of the company's stock after purchasing an additional 13,463 shares during the period. Philip Morris International makes up about 2.6% of Associated Banc Corp's holdings, making the stock its 8th biggest position. Associated Banc Corp's holdings in Philip Morris International were worth $86,344,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PM. Pacifica Partners Inc. boosted its position in shares of Philip Morris International by 115.0% in the first quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock valued at $35,000 after acquiring an additional 115 shares during the period. Redmont Wealth Advisors LLC bought a new stake in Philip Morris International during the 1st quarter worth approximately $35,000. Ball & Co Wealth Management Inc. purchased a new stake in Philip Morris International in the 4th quarter worth approximately $36,000. Ameriflex Group Inc. bought a new position in Philip Morris International in the 4th quarter valued at $36,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of Philip Morris International during the 1st quarter valued at $38,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Philip Morris International Stock Up 0.7%

Shares of Philip Morris International stock traded up $1.13 during trading on Thursday, reaching $168.12. The company's stock had a trading volume of 3,475,375 shares, compared to its average volume of 7,098,482. Philip Morris International Inc. has a 52-week low of $114.94 and a 52-week high of $186.69. The firm's 50-day moving average is $176.50 and its two-hundred day moving average is $162.84. The company has a market cap of $261.70 billion, a price-to-earnings ratio of 31.96, a PEG ratio of 2.43 and a beta of 0.48.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly 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 business had revenue of $10.14 billion during the quarter, compared to analyst estimates 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 revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.59 earnings per share. On average, equities research analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th were given a $1.35 dividend. The ex-dividend date was Friday, June 27th. This represents a $5.40 annualized dividend and a yield of 3.2%. Philip Morris International's payout ratio is presently 102.66%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PM. Jefferies Financial Group began coverage on Philip Morris International in a research note on Wednesday, July 9th. They set a "buy" rating and a $220.00 price objective for the company. 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 report on Thursday, July 10th. Wall Street Zen raised Philip Morris International from a "hold" rating to a "buy" rating in a report on Sunday, July 20th. Barclays lowered their target price on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 30th. Finally, Needham & Company LLC restated a "buy" rating and set a $195.00 price objective on shares of Philip Morris International in a research report on Wednesday, July 23rd. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $186.27.

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.