ProVise Management Group LLC Has $23.33 Million Stock Position in Philip Morris International Inc. (NYSE:PM)

Key Points

• ProVise Management Group LLC reduced its stake in Philip Morris International by 4.3%, now holding 146,969 shares valued at approximately $23.33 million.
• Philip Morris International's stock has a market cap of $255.35 billion with a recent price opening at $164.04, and 78.63% of its stock is owned by institutional investors and hedge funds.
• Wall Street analysts have a consensus price target of $186.27 for Philip Morris International, with twelve analysts rating it as a buy and one giving it a hold rating.

ProVise Management Group LLC reduced its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 146,969 shares of the company's stock after selling 6,609 shares during the quarter. Philip Morris International accounts for 2.0% of ProVise Management Group LLC's holdings, making the stock its 14th biggest holding. ProVise Management Group LLC's holdings in Philip Morris International were worth $23,328,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Alberta Investment Management Corp acquired a new stake in shares of Philip Morris International during the 1st quarter worth $2,590,000. BCGM Wealth Management LLC grew its holdings in shares of Philip Morris International by 2.6% during the 1st quarter. BCGM Wealth Management LLC now owns 25,930 shares of the company's stock worth $4,116,000 after purchasing an additional 662 shares in the last quarter. Nicolet Advisory Services LLC boosted its stake in Philip Morris International by 1.5% in the first quarter. Nicolet Advisory Services LLC now owns 13,733 shares of the company's stock valued at $2,076,000 after buying an additional 203 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in Philip Morris International by 928.7% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 109,466 shares of the company's stock worth $17,376,000 after acquiring an additional 98,825 shares in the last quarter. Finally, Harbour Investments Inc. lifted its holdings in shares of Philip Morris International by 1.8% in the first quarter. Harbour Investments Inc. now owns 12,628 shares of the company's stock worth $2,004,000 after acquiring an additional 218 shares during the last quarter. 78.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PM. Barclays decreased their price target on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a report on Wednesday. Needham & Company LLC restated a "buy" rating and issued a $195.00 target price on shares of Philip Morris International in a research report on Wednesday, July 23rd. UBS Group upped their price target on shares of Philip Morris International from $170.00 to $181.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Stifel Nicolaus increased their price target on Philip Morris International from $168.00 to $186.00 and gave the company a "buy" rating in a research note on Thursday, April 24th. Finally, Morgan Stanley restated an "overweight" rating and set a $182.00 price objective (up previously from $156.00) on shares of Philip Morris International in a research report on Thursday, April 24th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $186.27.

Philip Morris International Stock Up 1.2%

Shares of PM opened at $164.04 on Friday. Philip Morris International Inc. has a 12-month low of $113.15 and a 12-month high of $186.69. The business has a 50-day simple moving average of $177.85 and a two-hundred day simple moving average of $161.30. The stock has a market cap of $255.35 billion, a PE ratio of 31.19, a PEG ratio of 2.36 and a beta of 0.51.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly earnings results on Tuesday, July 22nd. The company reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.86 by $0.05. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%. The firm had revenue of $10.14 billion for the quarter, compared to analyst estimates of $10.33 billion. During the same quarter in the previous year, the company posted $1.59 EPS. The business's revenue was up 7.1% on a year-over-year basis. On average, equities 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 declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 27th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, June 27th. Philip Morris International's payout ratio is 102.66%.

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.

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