PNC Financial Services Group Inc. Sells 1,997 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• PNC Financial Services Group Inc. has reduced its stake in Philip Morris International by selling 1,997 shares, now owning approximately 2.8 million shares valued at $445.15 million.
• Recent analyst ratings for Philip Morris International indicate a consensus rating of "Moderate Buy" with a target price of $186.27, reflecting bullish sentiment from multiple research firms.
• Philip Morris International announced a quarterly dividend of $1.35, which represents an annualized dividend yield of 3.3% despite a payout ratio exceeding 100%.

PNC Financial Services Group Inc. decreased its stake in Philip Morris International Inc. (NYSE:PM - Free Report) by 0.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,804,460 shares of the company's stock after selling 1,997 shares during the period. PNC Financial Services Group Inc. owned 0.18% of Philip Morris International worth $445,152,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PM. Pacifica Partners Inc. grew its holdings in Philip Morris International by 115.0% in the 1st quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock worth $35,000 after buying an additional 115 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in Philip Morris International during the first quarter worth approximately $35,000. Inlight Wealth Management LLC bought a new stake in Philip Morris International during the first quarter worth approximately $38,000. Ameriflex Group Inc. bought a new stake in Philip Morris International during the fourth quarter worth approximately $36,000. Finally, Hughes Financial Services LLC bought a new stake in Philip Morris International during the first quarter worth approximately $46,000. Institutional investors own 78.63% of the company's stock.

Philip Morris International Price Performance

PM traded down $1.09 during midday trading on Friday, hitting $162.96. 7,552,974 shares of the company's stock traded hands, compared to its average volume of 6,943,793. The company has a market cap of $253.66 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 2.37 and a beta of 0.48. The stock's fifty day simple moving average is $177.55 and its 200-day simple moving average is $162.20. Philip Morris International Inc. has a one year low of $113.15 and a one year high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The company reported $1.91 EPS for the quarter, topping the consensus estimate 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 net margin of 9.03% and a negative return on equity of 120.86%. Philip Morris International's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.59 EPS. On average, research analysts expect that Philip Morris International Inc. will post 7.14 EPS for the current 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 given a dividend of $1.35 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $5.40 dividend on an annualized basis and a yield of 3.3%. Philip Morris International's dividend payout ratio is presently 102.66%.

Analysts Set New Price Targets

Several equities research analysts recently commented on PM shares. Bank of America boosted their target price on Philip Morris International from $182.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, June 4th. Citigroup reissued an "overweight" rating on shares of Philip Morris International in a report on Tuesday, July 22nd. Stifel Nicolaus raised their target price on shares of Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. Barclays reduced their target price on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, Jefferies Financial Group initiated coverage on shares of Philip Morris International in a report on Wednesday, July 9th. They set a "buy" rating and a $220.00 target price for the company. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $186.27.

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.