Fayez Sarofim & Co Sells 419,011 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• Fayez Sarofim & Co reduced its stake in Philip Morris International Inc. by 4.1%, owning approximately 9.89 million shares following the sale of 419,011 shares.
• The company has a market capitalization of $259.96 billion and reported a revenue of $10.14 billion for the last quarter, surpassing earnings expectations by $0.05 per share.
• Philip Morris International announced a quarterly dividend of $1.35 per share, representing an annualized yield of 3.2%, despite a high dividend payout ratio of 102.66%.

Fayez Sarofim & Co reduced its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,894,372 shares of the company's stock after selling 419,011 shares during the quarter. Philip Morris International accounts for about 3.9% of Fayez Sarofim & Co's investment portfolio, making the stock its 4th largest holding. Fayez Sarofim & Co owned about 0.64% of Philip Morris International worth $1,570,534,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Pacifica Partners Inc. lifted its position in Philip Morris International by 115.0% in the first quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock worth $35,000 after purchasing an additional 115 shares during the period. Redmont Wealth Advisors LLC acquired a new stake in Philip Morris International in the first quarter worth approximately $35,000. Ball & Co Wealth Management Inc. acquired a new stake in Philip Morris International in the fourth quarter worth approximately $36,000. Ameriflex Group Inc. acquired a new stake in Philip Morris International in the fourth quarter worth approximately $36,000. Finally, Inlight Wealth Management LLC acquired a new stake in Philip Morris International in the first quarter worth approximately $38,000. Institutional investors own 78.63% of the company's stock.

Philip Morris International Stock Performance

PM traded up $2.06 during trading on Friday, reaching $170.23. 3,774,105 shares of the stock were exchanged, compared to its average volume of 7,011,663. The stock's 50 day moving average price is $176.29 and its two-hundred day moving average price is $163.16. Philip Morris International Inc. has a twelve month low of $115.62 and a twelve month high of $186.69. The stock has a market cap of $264.98 billion, a P/E ratio of 32.36, a price-to-earnings-growth ratio of 2.45 and a beta of 0.48.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.86 by $0.05. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. The company had revenue of $10.14 billion during the quarter, compared to the consensus estimate of $10.33 billion. During the same period in the previous year, the business earned $1.59 earnings per share. The firm's quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts predict that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. Philip Morris International's dividend payout ratio (DPR) is currently 102.66%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PM. Barclays cut their target price on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Jefferies Financial Group initiated coverage on shares of 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. Morgan Stanley reiterated an "overweight" rating and issued a $182.00 target price (up from $156.00) on shares of Philip Morris International in a report on Thursday, April 24th. KGI Securities started coverage on shares of Philip Morris International in a report on Monday, August 4th. They set an "outperform" rating on the stock. Finally, Stifel Nicolaus raised their price objective on shares of Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.