Philip Morris International Inc. $PM Holdings Lessened by Cortland Associates Inc. MO

Key Points

• Cortland Associates reduced its Philip Morris International position by 2.9% in the third quarter, selling 5,482 shares and retaining 186,384 shares valued at approximately $35.6 million. Institutional investors and hedge funds collectively own 78.63% of PM.
• Philip Morris reported quarterly EPS of $2.36, topping estimates by $0.06, while revenue rose 5.5% year over year to $11.44 billion. Analysts project full-year EPS of $8.32.
• The company increased its quarterly dividend to $1.60 per share, equivalent to a $6.40 annualized payout and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $209.70.

Cortland Associates Inc. MO cut its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 2.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 186,384 shares of the company's stock after selling 5,482 shares during the quarter. Philip Morris International accounts for about 5.2% of Cortland Associates Inc. MO's portfolio, making the stock its 6th largest holding. Cortland Associates Inc. MO's holdings in Philip Morris International were worth $35,566,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PM. TSG Advice Partners LLC acquired a new position in Philip Morris International in the 3rd quarter worth about $793,000. Ridgepath Capital Management LLC boosted its stake in shares of Philip Morris International by 0.8% during the third quarter. Ridgepath Capital Management LLC now owns 42,179 shares of the company's stock valued at $8,049,000 after purchasing an additional 320 shares in the last quarter. Welch Group LLC boosted its stake in shares of Philip Morris International by 0.9% during the third quarter. Welch Group LLC now owns 21,943 shares of the company's stock valued at $4,187,000 after purchasing an additional 196 shares in the last quarter. Security Financial Services INC. boosted its stake in shares of Philip Morris International by 2.2% during the third quarter. Security Financial Services INC. now owns 2,978 shares of the company's stock valued at $568,000 after purchasing an additional 64 shares in the last quarter. Finally, Hollow Brook Wealth Management LLC bought a new stake in shares of Philip Morris International during the third quarter worth about $497,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Philip Morris International Stock Performance

PM stock opened at $208.34 on Tuesday. The stock's 50 day simple moving average is $194.61 and its 200 day simple moving average is $182.14. Philip Morris International Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $214.35. The company has a market cap of $324.72 billion, a P/E ratio of 30.41, a price-to-earnings-growth ratio of 2.72 and a beta of 0.34.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.06. The business had revenue of $11.44 billion during the quarter, compared to the consensus estimate of $11.32 billion. Philip Morris International had a net margin of 10.73% and a negative return on equity of 183.96%. Philip Morris International's revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.24 EPS. Equities analysts predict that Philip Morris International Inc. will post 8.32 earnings per share for the current year.

Philip Morris International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 26th. Investors of record on Friday, October 2nd were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Friday, October 2nd. This is an increase from Philip Morris International's previous quarterly dividend of $1.47. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.1%. Philip Morris International's payout ratio is 93.43%.

Analyst Ratings Changes

PM has been the topic of several recent research reports. Weiss Ratings upgraded shares of Philip Morris International from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, October 8th. UBS Group boosted their target price on shares of Philip Morris International from $193.00 to $201.00 and gave the stock a "neutral" rating in a report on Thursday, October 22nd. Needham & Company LLC upped their price target on shares of Philip Morris International from $215.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, October 22nd. Citigroup raised their price target on shares of Philip Morris International from $210.00 to $225.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Finally, Stifel Nicolaus lifted their price target on shares of Philip Morris International from $195.00 to $205.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $209.70.

Philip Morris International Company Profile

Philip Morris International Inc NYSE: PM is a global tobacco and nicotine company headquartered in Stamford, Connecticut. It was established as an independent company in 2008 following the separation of Philip Morris International from Altria Group. The company develops, manufactures and markets tobacco, nicotine and other related consumer products primarily outside the United States.

Its portfolio includes internationally recognized cigarette brands such as Marlboro, Parliament, L&M, Chesterfield and Bond Street.

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