iA Global Asset Management Inc. Purchases 54,966 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• iA Global Asset Management Inc. increased its stake in Philip Morris International by 22.1%, acquiring 54,966 additional shares, bringing its total ownership to 303,465 shares.
• Philip Morris International's latest quarterly earnings exceeded estimates with earnings per share at $1.91, compared to a consensus expectation of $1.86, although revenue fell short of projections.
• The company announced a quarterly dividend of $1.35, representing an annualized dividend of $5.40 and a yield of 3.3%, but its payout ratio stands at an unsustainable 102.66%.

iA Global Asset Management Inc. raised its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 22.1% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 303,465 shares of the company's stock after buying an additional 54,966 shares during the period. Philip Morris International comprises approximately 0.8% of iA Global Asset Management Inc.'s holdings, making the stock its 28th largest holding. iA Global Asset Management Inc.'s holdings in Philip Morris International were worth $48,169,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Capital World Investors grew its holdings in Philip Morris International by 3.6% during the 4th quarter. Capital World Investors now owns 122,584,210 shares of the company's stock worth $14,752,926,000 after acquiring an additional 4,216,586 shares during the period. Northern Trust Corp grew its stake in shares of Philip Morris International by 11.0% during the fourth quarter. Northern Trust Corp now owns 13,630,177 shares of the company's stock worth $1,640,392,000 after purchasing an additional 1,347,503 shares during the period. Fayez Sarofim & Co increased its holdings in 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 purchasing an additional 685,431 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Philip Morris International by 22.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,018,628 shares of the company's stock valued at $1,431,527,000 after buying an additional 1,635,636 shares during the period. Finally, Independent Franchise Partners LLP boosted its holdings in Philip Morris International by 8.9% during the fourth quarter. Independent Franchise Partners LLP now owns 6,643,831 shares of the company's stock worth $799,585,000 after buying an additional 540,434 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PM has been the topic of a number of analyst reports. KGI Securities assumed coverage on shares of Philip Morris International in a research report on Monday. They issued an "outperform" rating on the stock. Needham & Company LLC reissued a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a report on Wednesday, July 23rd. Citigroup restated an "overweight" rating on shares of Philip Morris International in a research report on Tuesday, July 22nd. Barclays reduced their target price on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. Finally, Wall Street Zen upgraded Philip Morris International from a "hold" rating to a "buy" rating in a report on Sunday, July 20th. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $186.27.

Philip Morris International Trading Up 0.7%

Shares of PM stock traded up $1.13 on Thursday, hitting $168.12. 3,475,375 shares of the stock were exchanged, compared to its average volume of 7,098,482. The firm has a market capitalization of $261.70 billion, a P/E ratio of 31.96, a price-to-earnings-growth ratio of 2.43 and a beta of 0.48. Philip Morris International Inc. has a fifty-two week low of $114.94 and a fifty-two week high of $186.69. The business has a 50-day moving average of $176.50 and a 200 day moving average of $162.84.

Philip Morris International (NYSE:PM - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.86 by $0.05. The firm had revenue of $10.14 billion for 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 9.03%. The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.59 EPS. As a group, research analysts forecast that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Dividend Announcement

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

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.