TD Asset Management Inc Sells 28,002 Shares of Philip Morris International Inc. $PM

Key Points

• TD Asset Management Inc reduced its stake in Philip Morris International by 3.6%, selling 28,002 shares and holding a total of 741,086 shares valued at approximately $134.97 million.
• Analysts remain optimistic, with a consensus "Moderate Buy" rating and an average target price of $195.44, despite some firms adjusting their price targets lower.
• Philip Morris International announced an increase in its quarterly dividend from $1.35 to $1.47, reflecting a 3.7% dividend yield on an annualized basis.

TD Asset Management Inc cut its position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 3.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 741,086 shares of the company's stock after selling 28,002 shares during the period. TD Asset Management Inc's holdings in Philip Morris International were worth $134,974,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Linscomb Wealth Inc. grew its position in Philip Morris International by 3.3% in the first quarter. Linscomb Wealth Inc. now owns 83,205 shares of the company's stock valued at $13,207,000 after acquiring an additional 2,669 shares during the period. Mackenzie Financial Corp grew its position in Philip Morris International by 7.3% in the first quarter. Mackenzie Financial Corp now owns 3,583,903 shares of the company's stock valued at $568,873,000 after acquiring an additional 242,799 shares during the period. 49 Wealth Management LLC grew its position in Philip Morris International by 79.0% in the first quarter. 49 Wealth Management LLC now owns 5,334 shares of the company's stock valued at $847,000 after acquiring an additional 2,354 shares during the period. Cortland Associates Inc. MO grew its position in 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 acquiring an additional 125,171 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Philip Morris International by 24.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company's stock valued at $69,695,000 after acquiring an additional 87,631 shares during the period. 78.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. increased their target price on Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Weiss Ratings restated a "buy (b)" rating on shares of Philip Morris International in a report on Wednesday, October 8th. UBS Group decreased their target price on Philip Morris International from $177.00 to $166.00 and set a "neutral" rating on the stock in a report on Friday, September 5th. Finally, Citigroup restated a "buy" rating on shares of Philip Morris International in a report on Thursday, September 4th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $195.44.

Philip Morris International Stock Down 0.2%

PM stock opened at $159.08 on Wednesday. The business has a 50 day moving average price of $164.07 and a two-hundred day moving average price of $168.83. The company has a market cap of $247.62 billion, a price-to-earnings ratio of 30.24, a P/E/G ratio of 2.33 and a beta of 0.46. Philip Morris International Inc. has a twelve month low of $116.12 and a twelve month high of $186.69.

Philip Morris International (NYSE:PM - Get Free Report) last posted its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share for the quarter. The firm had revenue of $8.12 billion during the quarter. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%. On average, equities research analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Friday, October 3rd will be given a $1.47 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This is a positive change from Philip Morris International's previous quarterly dividend of $1.35. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.7%. Philip Morris International's payout ratio is 111.79%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.