Public Sector Pension Investment Board Lowers Stake in Philip Morris International Inc. (NYSE:PM)

Key Points

• The Public Sector Pension Investment Board decreased its stake in Philip Morris International Inc. by 21.1%, now owning 254,316 shares valued at approximately $40.4 million.
• Analysts have varied opinions on the stock, with Jefferies Financial Group setting a new $220.00 target price while JPMorgan Chase raised theirs from $175.00 to $190.00, with an overall consensus rating of "Moderate Buy."
• Philip Morris International recently reported $1.91 EPS for the quarter, exceeding estimates, despite revenue falling short at $10.14 billion compared to analyst projections of $10.33 billion.

Public Sector Pension Investment Board cut its holdings in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 21.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 254,316 shares of the company's stock after selling 68,022 shares during the quarter. Public Sector Pension Investment Board's holdings in Philip Morris International were worth $40,368,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of PM. Perigon Wealth Management LLC increased its holdings in shares of Philip Morris International by 0.4% in the first quarter. Perigon Wealth Management LLC now owns 14,087 shares of the company's stock worth $2,236,000 after purchasing an additional 60 shares during the last quarter. TBH Global Asset Management LLC increased its holdings in shares of Philip Morris International by 0.9% in the first quarter. TBH Global Asset Management LLC now owns 6,932 shares of the company's stock worth $1,100,000 after purchasing an additional 61 shares during the last quarter. Capital Advisors Wealth Management LLC increased its holdings in shares of Philip Morris International by 2.1% in the first quarter. Capital Advisors Wealth Management LLC now owns 3,005 shares of the company's stock worth $477,000 after purchasing an additional 63 shares during the last quarter. Renasant Bank increased its holdings in shares of Philip Morris International by 3.3% in the first quarter. Renasant Bank now owns 1,994 shares of the company's stock worth $317,000 after purchasing an additional 63 shares during the last quarter. Finally, Lloyd Advisory Services LLC. increased its stake in Philip Morris International by 3.3% during the first quarter. Lloyd Advisory Services LLC. now owns 2,032 shares of the company's stock worth $323,000 after acquiring an additional 64 shares during the last quarter. 78.63% of the stock is owned by institutional investors.

Philip Morris International Stock Performance

PM traded down $2.91 during trading on Wednesday, hitting $165.69. 5,020,210 shares of the stock were exchanged, compared to its average volume of 7,072,447. The firm has a 50 day simple moving average of $175.47 and a 200 day simple moving average of $164.05. The firm has a market cap of $257.91 billion, a price-to-earnings ratio of 31.50, a P/E/G ratio of 2.45 and a beta of 0.48. Philip Morris International Inc. has a 1 year low of $116.12 and a 1 year high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $10.33 billion. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%. Philip Morris International's quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the business posted $1.59 EPS. As a group, equities analysts anticipate 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 issued a dividend of $1.35 per share. The ex-dividend date 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 currently 102.66%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PM shares. Stifel Nicolaus boosted their price objective on Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a research note on Thursday, April 24th. Citigroup reissued an "overweight" rating on shares of Philip Morris International in a research note on Tuesday, July 22nd. Wall Street Zen cut Philip Morris International from a "buy" rating to a "hold" rating in a research note on Saturday. Bank of America boosted their price objective on Philip Morris International from $182.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday, June 4th. Finally, Jefferies Financial Group started coverage on Philip Morris International in a research note on Wednesday, July 9th. They set a "buy" rating and a $220.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently 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.