Invesco Ltd. Sells 859,198 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• Invesco Ltd. reduced its stake in Philip Morris International by 5.0% in Q1, now holding approximately 0.5% of the company’s total shares.
• Several institutional investors increased their stakes in Philip Morris, with notable rises including Mackenzie Financial Corp by 7.3% and Cortland Associates Inc. MO by 704.0%.
• Philip Morris International recently reported an earnings per share of $1.91 for the last quarter, exceeding analyst expectations of $1.86.

Invesco Ltd. cut its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 5.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,356,417 shares of the company's stock after selling 859,198 shares during the quarter. Philip Morris International makes up approximately 0.5% of Invesco Ltd.'s holdings, making the stock its 21st biggest position. Invesco Ltd. owned about 1.05% of Philip Morris International worth $2,596,254,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PM. Pacifica Partners Inc. grew its stake in shares of 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 acquiring an additional 115 shares during the period. Redmont Wealth Advisors LLC bought a new position in Philip Morris International in the 1st quarter worth approximately $35,000. Ball & Co Wealth Management Inc. bought a new position 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 worth approximately $36,000. Finally, Inlight Wealth Management LLC bought a new position in Philip Morris International in the 1st quarter worth approximately $38,000. 78.63% of the stock is currently owned by institutional investors.

Philip Morris International Stock Performance

PM stock traded down $0.66 during midday trading on Thursday, reaching $165.22. The company's stock had a trading volume of 3,294,940 shares, compared to its average volume of 7,054,380. The stock has a fifty day simple moving average of $175.15 and a two-hundred day simple moving average of $164.30. Philip Morris International Inc. has a 1 year low of $116.12 and a 1 year high of $186.69. The firm has a market capitalization of $257.18 billion, a price-to-earnings ratio of 31.41, a PEG ratio of 2.41 and a beta of 0.48.

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

Philip Morris International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th were paid a $1.35 dividend. The ex-dividend date was Friday, June 27th. This represents a $5.40 dividend on an annualized basis and a yield of 3.3%. Philip Morris International's dividend payout ratio (DPR) is presently 102.66%.

Wall Street Analysts Forecast Growth

PM has been the subject of several recent analyst reports. Morgan Stanley restated an "overweight" rating and issued a $182.00 price target (up from $156.00) on shares of Philip Morris International in a research note on Thursday, April 24th. Wall Street Zen downgraded Philip Morris International from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Stifel Nicolaus upped their price objective on Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. UBS Group upped their price objective on Philip Morris International from $170.00 to $181.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Finally, Citigroup reaffirmed an "overweight" rating on shares of Philip Morris International in a report on Tuesday, July 22nd. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, Philip Morris International currently has an average rating of "Moderate Buy" and an average price target of $186.27.

About Philip Morris International

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.