Primecap Management Co. CA Grows Position in Philip Morris International Inc. (NYSE:PM)

Key Points

• Primecap Management Co. CA increased its stake in Philip Morris International Inc. by 596.3%, acquiring an additional 112,100 shares to reach a total of 130,900 shares valued at approximately $20.78 million.
• Several analysts upgraded their ratings on Philip Morris, with one from Wall Street Zen moving it from a "hold" to a "buy," while the average price target for the stock is now $186.27.
• Philip Morris announced a quarterly dividend of $1.35, representing an annualized yield of 3.2%, but shows a payout ratio exceeding 100%.

Primecap Management Co. CA grew its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 596.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 130,900 shares of the company's stock after buying an additional 112,100 shares during the period. Primecap Management Co. CA's holdings in Philip Morris International were worth $20,778,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of PM. Mackenzie Financial Corp increased its position in shares of Philip Morris International by 7.3% during the first quarter. Mackenzie Financial Corp now owns 3,583,903 shares of the company's stock worth $568,873,000 after acquiring an additional 242,799 shares in the last quarter. 49 Wealth Management LLC raised its stake in shares of Philip Morris International by 79.0% in the first quarter. 49 Wealth Management LLC now owns 5,334 shares of the company's stock worth $847,000 after purchasing an additional 2,354 shares during the last quarter. Cortland Associates Inc. MO lifted its holdings in shares of Philip Morris International by 704.0% in the first quarter. Cortland Associates Inc. MO now owns 142,950 shares of the company's stock valued at $22,690,000 after purchasing an additional 125,171 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Philip Morris International by 24.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock valued at $69,695,000 after buying an additional 87,631 shares during the last quarter. Finally, SpringVest Wealth Management LLC bought a new stake in Philip Morris International during the first quarter worth $253,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Philip Morris International Trading Up 1.2%

Shares of PM stock traded up $2.06 on Friday, hitting $170.23. 3,774,105 shares of the stock were exchanged, compared to its average volume of 7,011,663. The firm's 50 day moving average is $176.29 and its two-hundred day moving average is $163.44. Philip Morris International Inc. has a one year low of $115.62 and a one year high of $186.69. The firm has a market capitalization of $264.98 billion, a PE ratio of 32.36, a P/E/G ratio of 2.48 and a beta of 0.48.

Philip Morris International (NYSE:PM - Get Free Report) last issued its earnings results on Tuesday, July 22nd. The company reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.86 by $0.05. The business had revenue of $10.14 billion for the quarter, compared to analysts' expectations of $10.33 billion. Philip Morris International had a net margin of 9.03% and a negative return on equity of 120.86%. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.59 EPS. On average, sell-side analysts expect that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 27th were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a $5.40 annualized dividend and a yield of 3.2%. Philip Morris International's payout ratio is currently 102.66%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PM shares. Jefferies Financial Group started coverage on shares of Philip Morris International in a report on Wednesday, July 9th. They set a "buy" rating and a $220.00 price objective on the stock. KGI Securities began coverage on shares of Philip Morris International in a research report on Monday, August 4th. They issued an "outperform" rating for the company. UBS Group lifted their target price on shares of Philip Morris International from $170.00 to $181.00 and gave the stock a "neutral" rating in a research report on Monday, July 14th. Morgan Stanley reaffirmed an "overweight" rating and issued a $182.00 target price (up from $156.00) on shares of Philip Morris International in a report on Thursday, April 24th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $195.00 price target on shares of Philip Morris International in a report on Wednesday, July 23rd. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target 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.