Pinnacle Associates Ltd. Has $10.83 Million Position in Philip Morris International Inc. (NYSE:PM)

Pinnacle Associates Ltd. grew its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 68,214 shares of the company's stock after buying an additional 4,558 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Philip Morris International were worth $10,828,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pacifica Partners Inc. boosted its stake in shares of Philip Morris International by 115.0% during the 1st quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock valued at $35,000 after buying an additional 115 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in Philip Morris International during the first quarter worth $35,000. Ball & Co Wealth Management Inc. bought a new position in Philip Morris International during the fourth quarter worth $36,000. Ameriflex Group Inc. bought a new position in Philip Morris International during the fourth quarter worth $36,000. Finally, Inlight Wealth Management LLC bought a new position in Philip Morris International during the first quarter worth $38,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Philip Morris International Price Performance

Shares of PM traded down $0.16 on Friday, reaching $160.92. 4,541,084 shares of the stock traded hands, compared to its average volume of 5,803,806. The stock's 50-day moving average price is $178.86 and its 200-day moving average price is $160.14. Philip Morris International Inc. has a 12 month low of $112.43 and a 12 month high of $186.69. The firm has a market cap of $250.47 billion, a price-to-earnings ratio of 30.59, a P/E/G ratio of 2.30 and a beta of 0.51.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly earnings data on Tuesday, July 22nd. The company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.86 by $0.05. The company had revenue of $10.14 billion for the quarter, compared to analyst estimates of $10.33 billion. Philip Morris International had a negative return on equity of 120.86% and a net margin of 10.57%. The business's revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.59 earnings per share. As a group, equities research analysts forecast that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.36%. The ex-dividend date was Friday, June 27th. Philip Morris International's payout ratio is 111.34%.

Analyst Ratings Changes

PM has been the topic of several research analyst reports. Citigroup restated an "overweight" rating on shares of Philip Morris International in a research note on Tuesday. Barclays reiterated an "overweight" rating on shares of Philip Morris International in a research note on Tuesday. JPMorgan Chase & Co. raised their price target on Philip Morris International from $175.00 to $190.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Stifel Nicolaus raised their price target on Philip Morris International from $168.00 to $186.00 and gave the company a "buy" rating in a report on Thursday, April 24th. Finally, Bank of America raised their price target on Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $186.73.

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.