SouthState Corp Cuts Stake in Philip Morris International Inc. (NYSE:PM)

Key Points

• SouthState Corp reduced its holdings in Philip Morris International Inc. by 7.9% during the first quarter, now owning 18,077 shares valued at approximately $2.87 million.
• The company reported earnings of $1.91 per share for its last quarter, exceeding the consensus estimate of $1.86, despite revenue falling short of expectations at $10.14 billion.
• Philip Morris International declared a quarterly dividend of $1.35 per share, resulting in an annual yield of 3.2%, with a payout ratio of 102.66%.

SouthState Corp lowered its stake in Philip Morris International Inc. (NYSE:PM - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,077 shares of the company's stock after selling 1,560 shares during the period. SouthState Corp's holdings in Philip Morris International were worth $2,869,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PM. Pacifica Partners Inc. increased its holdings in Philip Morris International by 115.0% during the 1st quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock valued at $35,000 after purchasing an additional 115 shares during the period. Redmont Wealth Advisors LLC purchased a new position in shares of Philip Morris International during the 1st quarter worth approximately $35,000. Ball & Co Wealth Management Inc. purchased a new position in shares of Philip Morris International during the 4th quarter worth approximately $36,000. Ameriflex Group Inc. purchased a new position in shares of Philip Morris International during the 4th quarter worth approximately $36,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of Philip Morris International during the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 78.63% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Citigroup reiterated an "overweight" rating on shares of Philip Morris International in a report on Tuesday, July 22nd. Stifel Nicolaus boosted their price target on Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a research report on Thursday, April 24th. Wall Street Zen cut Philip Morris International from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Needham & Company LLC reissued a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a research report on Wednesday, July 23rd. Finally, 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 report on Wednesday, June 4th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $186.27.

Philip Morris International Stock Performance

Shares of PM traded up $0.78 during midday trading on Friday, hitting $166.05. 1,682,276 shares of the company traded hands, compared to its average volume of 6,064,662. Philip Morris International Inc. has a 52 week low of $116.12 and a 52 week high of $186.69. The firm has a 50 day moving average of $175.15 and a 200-day moving average of $164.30. The stock has a market cap of $258.47 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.41 and a beta of 0.48.

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

Philip Morris International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 27th were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.3%. Philip Morris International's dividend payout ratio (DPR) is 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.