Sound View Wealth Advisors Group LLC Sells 2,934 Shares of Philip Morris International Inc. (NYSE:PM)

Key Points

• Sound View Wealth Advisors Group LLC has reduced its stake in Philip Morris International Inc. by 6.6%, now holding 41,216 shares valued at approximately $6.54 million.
• Several institutional investors have increased their positions in Philip Morris, with GAMMA Investing LLC raising its stake by an impressive 19,986.5% during the first quarter.
• Philip Morris International reported $1.91 earnings per share in its latest quarter, exceeding estimates and indicating a 7.1% increase in revenue compared to the previous year.

Sound View Wealth Advisors Group LLC reduced its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 6.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,216 shares of the company's stock after selling 2,934 shares during the quarter. Sound View Wealth Advisors Group LLC's holdings in Philip Morris International were worth $6,542,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Mackenzie Financial Corp boosted its stake in 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 buying an additional 242,799 shares in the last quarter. 49 Wealth Management LLC boosted its stake in shares of Philip Morris International by 79.0% in the 1st quarter. 49 Wealth Management LLC now owns 5,334 shares of the company's stock valued at $847,000 after purchasing an additional 2,354 shares in the last quarter. Cortland Associates Inc. MO boosted its stake in shares of Philip Morris International by 704.0% in the 1st 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 stake in shares of Philip Morris International by 24.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock valued at $69,695,000 after purchasing an additional 87,631 shares in the last quarter. Finally, SpringVest Wealth Management LLC acquired a new stake in shares of Philip Morris International in the 1st quarter valued at $253,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Philip Morris International Price Performance

Shares of NYSE PM traded down $0.08 during trading on Monday, reaching $162.88. 5,186,048 shares of the stock traded hands, compared to its average volume of 6,174,779. Philip Morris International Inc. has a 52-week low of $113.15 and a 52-week high of $186.69. The company has a 50-day moving average of $177.55 and a 200-day moving average of $162.20. The stock has a market capitalization of $253.54 billion, a P/E ratio of 30.97, a price-to-earnings-growth ratio of 2.37 and a beta of 0.49.

Philip Morris International (NYSE:PM - Get Free Report) last issued 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 analysts' expectations of $10.33 billion. During the same quarter in the prior year, the firm earned $1.59 EPS. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts expect that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

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

Analyst Upgrades and Downgrades

PM has been the topic of several research reports. Citigroup reiterated an "overweight" rating on shares of Philip Morris International in a research report on Tuesday, July 22nd. Bank of America boosted their price objective on Philip Morris International from $182.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, June 4th. Barclays cut their price objective on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Jefferies Financial Group assumed coverage on Philip Morris International in a report on Wednesday, July 9th. They issued a "buy" rating and a $220.00 price objective for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $195.00 price objective on shares of Philip Morris International in a report on Wednesday, July 23rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $186.27.

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.