Philip Morris International Inc. (NYSE:PM) Stake Reduced by Invesco Ltd.

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. reduced 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 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,356,417 shares of the company's stock after selling 859,198 shares during the quarter. Philip Morris International comprises approximately 0.5% of Invesco Ltd.'s holdings, making the stock its 21st largest position. Invesco Ltd. owned 1.05% of Philip Morris International worth $2,596,254,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its stake in shares of Philip Morris International by 7.3% in the first quarter. Mackenzie Financial Corp now owns 3,583,903 shares of the company's stock worth $568,873,000 after purchasing an additional 242,799 shares in the last quarter. 49 Wealth Management LLC grew its stake in shares of Philip Morris International by 79.0% in the first quarter. 49 Wealth Management LLC now owns 5,334 shares of the company's stock worth $847,000 after purchasing an additional 2,354 shares in the last quarter. Cortland Associates Inc. MO grew its stake in shares of Philip Morris International by 704.0% in the first quarter. Cortland Associates Inc. MO now owns 142,950 shares of the company's stock worth $22,690,000 after purchasing an additional 125,171 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Philip Morris International by 24.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock worth $69,695,000 after purchasing an additional 87,631 shares in the last quarter. Finally, SpringVest Wealth Management LLC bought a new position in shares of Philip Morris International in the first quarter worth $253,000. 78.63% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a research report on Wednesday, July 23rd. Jefferies Financial Group began coverage on shares of Philip Morris International in a report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 price target for the company. Stifel Nicolaus upped their price target on shares of Philip Morris International from $168.00 to $186.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Bank of America upped their price target on shares of Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Finally, JPMorgan Chase & Co. upped their price target on shares of Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $186.27.

Philip Morris International Trading Up 1.2%

Shares of NYSE PM opened at $170.23 on Friday. The firm has a market cap of $264.98 billion, a PE ratio of 32.36, a PEG ratio of 2.45 and a beta of 0.48. Philip Morris International Inc. has a 1-year low of $115.62 and a 1-year high of $186.69. The company has a fifty day moving average price of $176.29 and a 200 day moving average price of $163.16.

Philip Morris International (NYSE:PM - Get Free Report) last announced 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 net margin of 9.03% and a negative return on equity of 120.86%. The firm had revenue of $10.14 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same period in the prior year, the business earned $1.59 EPS. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders 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 is presently 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.

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