Philip Morris International Inc. $PM Position Increased by Provenance Wealth Advisors LLC

Key Points

• Provenance Wealth Advisors increased its Philip Morris stake by 7,843.6% in the third quarter, adding 25,021 shares to hold 25,340 shares worth about $4.84 million.
• Analysts have a Moderate Buy consensus on the stock, with a consensus price target of $212.40; 10 analysts rate it Buy and two rate it Hold.
• Philip Morris beat quarterly earnings and revenue estimates, with revenue up 5.5% year over year, and raised its quarterly dividend to $1.60 per share.

Provenance Wealth Advisors LLC lifted its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 7,843.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,340 shares of the company's stock after purchasing an additional 25,021 shares during the quarter. Provenance Wealth Advisors LLC's holdings in Philip Morris International were worth $4,835,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PM. BlackRock Inc. increased its holdings in Philip Morris International by 0.4% in the 2nd quarter. BlackRock Inc. now owns 108,039,522 shares of the company's stock valued at $19,545,430,000 after buying an additional 444,449 shares during the period. State Street Corp lifted its holdings in shares of Philip Morris International by 1.0% during the 2nd quarter. State Street Corp now owns 55,569,994 shares of the company's stock worth $10,134,454,000 after acquiring an additional 536,968 shares during the period. GQG Partners LLC bought a new position in shares of Philip Morris International during the 2nd quarter worth about $8,220,008,000. Wellington Management Group LLP lifted its holdings in shares of Philip Morris International by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 17,506,171 shares of the company's stock worth $3,167,041,000 after acquiring an additional 650,587 shares during the period. Finally, Bank of America Corp DE acquired a new stake in shares of Philip Morris International during the 2nd quarter valued at about $3,075,267,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PM has been the topic of a number of analyst reports. Needham & Company LLC upped their target price on shares of Philip Morris International from $215.00 to $220.00 and gave the company a "buy" rating in a research note on Thursday, October 22nd. Barclays raised their price target on shares of Philip Morris International from $205.00 to $225.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Argus lifted their price objective on Philip Morris International from $210.00 to $220.00 and gave the company a "buy" rating in a report on Monday, October 26th. BTIG Research set a $221.00 price objective on Philip Morris International and gave the company a "buy" rating in a report on Friday, July 24th. Finally, Weiss Ratings upgraded Philip Morris International from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Philip Morris International has a consensus rating of "Moderate Buy" and a consensus price target of $212.40.

Philip Morris International Stock Performance

Shares of NYSE:PM opened at $207.48 on Wednesday. Philip Morris International Inc. has a 52 week low of $144.22 and a 52 week high of $214.35. The company's fifty day moving average is $194.93 and its 200-day moving average is $182.33. The company has a market capitalization of $323.40 billion, a PE ratio of 30.29, a P/E/G ratio of 2.79 and a beta of 0.34.

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

Philip Morris International Increases Dividend

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

About Philip Morris International

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.