State of New Jersey Common Pension Fund D Sells 48,014 Shares of Philip Morris International Inc. $PM

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Philip Morris International Inc. by 8.4%, now holding 525,035 shares valued at $83.34 million.
• Analysts have mixed views on the stock; while some firms raised their price targets, the current consensus is a "Moderate Buy" rating with an average target price of $186.27.
• Philip Morris International announced a quarterly dividend of $1.35, resulting in an annualized yield of 3.3%, despite a high dividend payout ratio of 102.66%.

State of New Jersey Common Pension Fund D reduced its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 8.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 525,035 shares of the company's stock after selling 48,014 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Philip Morris International were worth $83,339,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Clal Insurance Enterprises Holdings Ltd bought a new position in shares of Philip Morris International during the 1st quarter worth approximately $34,000. Pacifica Partners Inc. boosted its stake in Philip Morris International by 115.0% in 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 bought a new stake in Philip Morris International in the 1st quarter valued at $35,000. Inlight Wealth Management LLC bought a new stake in Philip Morris International in the 1st quarter valued at $38,000. Finally, Pandora Wealth Inc. bought a new stake in Philip Morris International in the 1st quarter valued at $42,000. 78.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on PM. Citigroup restated an "overweight" rating on shares of Philip Morris International in a research note on Tuesday, July 22nd. UBS Group boosted their price target on Philip Morris International from $170.00 to $181.00 and gave the company a "neutral" rating in a research note on Monday, July 14th. Barclays reduced their price target on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Bank of America boosted their price target on Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, June 4th. Finally, Wall Street Zen downgraded Philip Morris International from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $186.27.

Philip Morris International Trading Up 0.1%

NYSE PM traded up $0.18 during midday trading on Monday, hitting $166.37. The company had a trading volume of 3,769,562 shares, compared to its average volume of 6,840,928. The company has a market capitalization of $258.97 billion, a PE ratio of 31.63, a P/E/G ratio of 2.42 and a beta of 0.48. The firm has a 50-day moving average price of $174.55 and a 200-day moving average price of $165.29. Philip Morris International Inc. has a twelve month low of $116.12 and a twelve month high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The company reported $1.91 EPS 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 company had revenue of $10.14 billion during the quarter, compared to analysts' expectations of $10.33 billion. During the same quarter in the previous year, the firm earned $1.59 EPS. Philip Morris International's revenue was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th were given 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 was Friday, June 27th. Philip Morris International's payout ratio is 102.66%.

Philip Morris International 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.