Philip Morris International Inc. $PM Shares Sold by Conning Inc.

Key Points

• Conning Inc. reduced its stake in Philip Morris International by 18.0%, leaving it with 148,981 shares valued at $27.1 million as of the last reporting period.
• Philip Morris International will increase its quarterly dividend to $1.47 per share, up from $1.35, with a payout ratio of 111.79% and a yield of 3.7%.
• The stock recently opened at $160.51 and has a market capitalization of approximately $249.85 billion, alongside a P/E ratio of 30.52.

Conning Inc. cut its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 18.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 148,981 shares of the company's stock after selling 32,601 shares during the period. Conning Inc.'s holdings in Philip Morris International were worth $27,134,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PM. Brighton Jones LLC boosted its position in shares of Philip Morris International by 31.1% during the fourth quarter. Brighton Jones LLC now owns 8,531 shares of the company's stock worth $1,027,000 after buying an additional 2,023 shares during the period. Revolve Wealth Partners LLC lifted its position in Philip Morris International by 4.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,097 shares of the company's stock worth $252,000 after purchasing an additional 91 shares during the period. GAMMA Investing LLC lifted its position in Philip Morris International by 26.5% in the first quarter. GAMMA Investing LLC now owns 28,268 shares of the company's stock worth $4,487,000 after purchasing an additional 5,930 shares during the period. CX Institutional lifted its position in Philip Morris International by 4.4% in the first quarter. CX Institutional now owns 8,893 shares of the company's stock worth $1,412,000 after purchasing an additional 373 shares during the period. Finally, Focus Financial Network Inc. lifted its position in Philip Morris International by 2.2% in the first quarter. Focus Financial Network Inc. now owns 5,264 shares of the company's stock worth $836,000 after purchasing an additional 112 shares during the period. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Philip Morris International Stock Performance

NYSE PM opened at $160.51 on Friday. The stock has a market capitalization of $249.85 billion, a P/E ratio of 30.52, a P/E/G ratio of 2.29 and a beta of 0.46. Philip Morris International Inc. has a 1 year low of $116.12 and a 1 year high of $186.69. The business's fifty day moving average is $164.24 and its two-hundred day moving average is $168.67.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share (EPS) for the quarter. The company had revenue of $8.12 billion for the quarter. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%. On average, research analysts forecast that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Friday, October 3rd will be paid a dividend of $1.47 per share. This is an increase from Philip Morris International's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $5.88 annualized dividend and a yield of 3.7%. Philip Morris International's dividend payout ratio (DPR) is presently 111.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PM shares. UBS Group cut their target price on Philip Morris International from $177.00 to $166.00 and set a "neutral" rating for the company in a research report on Friday, September 5th. Weiss Ratings restated a "buy (b)" rating on shares of Philip Morris International in a research report on Wednesday. KGI Securities started coverage on Philip Morris International in a research report on Monday, August 4th. They issued an "outperform" rating for the company. Citigroup restated a "buy" rating on shares of Philip Morris International in a research report on Thursday, September 4th. Finally, Barclays cut their target price on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $195.44.

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.

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