Scotia Capital Inc. Buys 2,876 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• Scotia Capital Inc. increased its stake in Philip Morris International by 6.1% to own a total of 49,668 shares, valued at approximately $7.88 million.
• Philip Morris International's recent earnings report showed an EPS of $1.91, beating forecasts, with revenues of $10.14 billion, slightly below analyst expectations.
• Various brokerages have upgraded their price targets for Philip Morris International, with a consensus price target now set at $186.27 and several buy ratings from analysts.

Scotia Capital Inc. grew its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 6.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,668 shares of the company's stock after buying an additional 2,876 shares during the period. Scotia Capital Inc.'s holdings in Philip Morris International were worth $7,884,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PM. Pacifica Partners Inc. grew its holdings in shares of Philip Morris International by 115.0% during the first quarter. Pacifica Partners Inc. now owns 215 shares of the company's stock worth $35,000 after purchasing an additional 115 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new position in shares of Philip Morris International during the first quarter worth about $35,000. Ball & Co Wealth Management Inc. purchased a new position in shares of Philip Morris International during the fourth quarter worth about $36,000. Ameriflex Group Inc. purchased a new position in shares of Philip Morris International during the fourth quarter worth about $36,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of Philip Morris International during the first quarter worth about $38,000. 78.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PM. Jefferies Financial Group began coverage on Philip Morris International in a report on Wednesday, July 9th. They set a "buy" rating and a $220.00 price objective for the company. UBS Group boosted their price objective on 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 boosted their price objective on Philip Morris International from $168.00 to $186.00 and gave the stock a "buy" rating in a report on Thursday, April 24th. Morgan Stanley reissued an "overweight" rating and set a $182.00 price objective (up previously from $156.00) on shares of Philip Morris International in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. boosted their price objective on Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Philip Morris International has an average rating of "Moderate Buy" and a consensus target price of $186.27.

Philip Morris International Price Performance

Shares of PM opened at $162.96 on Monday. The firm has a market cap of $253.66 billion, a P/E ratio of 30.98, a P/E/G ratio of 2.37 and a beta of 0.48. The stock has a 50 day simple moving average of $177.55 and a two-hundred day simple moving average of $162.20. Philip Morris International Inc. has a 1 year low of $113.15 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.86 by $0.05. The firm had revenue of $10.14 billion during 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 9.03%. The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.59 earnings per share. On average, equities analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 27th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, June 27th. Philip Morris International's dividend payout ratio is 102.66%.

Philip Morris International Company 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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