Philip Morris International Inc. $PM Stock Bought by Kinsale Capital Group Inc.

Key Points

• Kinsale Capital increased its Philip Morris stake by 14%, adding 14,792 shares to hold 120,097 shares worth about $22.9 million; PM is its third-largest portfolio holding.
• Analysts give Philip Morris a consensus “Moderate Buy” rating, with an average price target of $212.40. The stock opened at $193.16.
• 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—an annualized yield of about 3.3%.

Kinsale Capital Group Inc. grew its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 14.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 120,097 shares of the company's stock after acquiring an additional 14,792 shares during the period. Philip Morris International comprises about 3.1% of Kinsale Capital Group Inc.'s investment portfolio, making the stock its 3rd biggest holding. Kinsale Capital Group Inc.'s holdings in Philip Morris International were worth $22,917,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Caitong International Asset Management Co. Ltd purchased a new position in Philip Morris International in the second quarter valued at about $29,000. Kelly Lawrence W & Associates Inc. CA purchased a new stake in Philip Morris International during the 2nd quarter worth approximately $34,000. Kilter Group LLC purchased a new stake in Philip Morris International during the 2nd quarter worth approximately $35,000. Wilkerson Advisory Group LLC raised its position in shares of Philip Morris International by 109.2% in the 1st quarter. Wilkerson Advisory Group LLC now owns 205 shares of the company's stock valued at $34,000 after purchasing an additional 107 shares in the last quarter. Finally, Evergreen Advisors LLC acquired a new position in shares of Philip Morris International in the 1st quarter valued at approximately $46,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Barclays increased their target price on Philip Morris International from $205.00 to $225.00 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Stifel Nicolaus lifted their price target on shares of Philip Morris International from $205.00 to $232.00 and gave the stock a "buy" rating in a research note on Tuesday, November 3rd. BTIG Research set a $221.00 price target on shares of Philip Morris International and gave the company a "buy" rating in a report on Friday, July 24th. Citigroup increased their price objective 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, UBS Group raised their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Philip Morris International currently has an average rating of "Moderate Buy" and an average price target of $212.40.

Philip Morris International Stock Performance

NYSE PM opened at $193.16 on Tuesday. Philip Morris International Inc. has a one year low of $146.35 and a one year high of $214.35. The company has a 50-day simple moving average of $195.59 and a 200-day simple moving average of $182.93. The firm has a market capitalization of $301.07 billion, a PE ratio of 28.20, a price-to-earnings-growth ratio of 2.83 and a beta of 0.34.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly earnings data 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. Philip Morris International had a net margin of 10.73% and a negative return on equity of 183.96%. The firm had revenue of $11.44 billion for the quarter, compared to analyst estimates of $11.32 billion. During the same quarter in the prior year, the business earned $2.24 earnings per share. Philip Morris International's quarterly revenue was up 5.5% on a year-over-year basis. Equities analysts forecast that Philip Morris International Inc. will post 8.32 earnings per share for the current year.

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Friday, October 2nd were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, October 2nd. This is a positive change from Philip Morris International's previous quarterly dividend of $1.47. Philip Morris International's payout ratio is currently 93.43%.

About Philip Morris International

Philip Morris International is a global tobacco and nicotine company that develops, manufactures and sells cigarettes and smoke-free products. Its cigarette brands include Marlboro in markets outside the United States, along with other regional and international brands.

The company's smoke-free portfolio includes IQOS heated tobacco products, ZYN nicotine pouches and VEEV e-vapor products. Philip Morris International sells its products in markets around the world, with availability varying by country and subject to local regulations.

Philip Morris International became an independent publicly traded company in 2008 after separating from Altria Group.

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