VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $81.65 Million Investment in Philip Morris International Inc. $PM

Key Points

• The Virginia Retirement Systems acquired a new stake in Philip Morris International Inc. worth approximately $81.65 million, purchasing 448,300 shares.
• Philip Morris recently announced an increase in its quarterly dividend to $1.47 per share, reflecting a 3.7% dividend yield.
• Analyst ratings for Philip Morris show a consensus of "Moderate Buy" and an average price target of $195.44, with 11 analysts recommending a buy.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Philip Morris International Inc. (NYSE:PM - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 448,300 shares of the company's stock, valued at approximately $81,649,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Linscomb Wealth Inc. increased its stake 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 purchasing an additional 2,669 shares in the last quarter. Mackenzie Financial Corp raised its stake in Philip Morris International by 7.3% during the 1st 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 during the period. 49 Wealth Management LLC boosted its holdings 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 worth $847,000 after acquiring an additional 2,354 shares in the last quarter. Cortland Associates Inc. MO lifted its stake in shares of 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 buying an additional 125,171 shares in the last quarter. Finally, First American Trust FSB increased its position in shares of Philip Morris International by 80.0% during the first quarter. First American Trust FSB now owns 56,382 shares of the company's stock worth $8,949,000 after acquiring an additional 25,063 shares in the last quarter. Institutional investors own 78.63% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Jefferies Financial Group assumed coverage on Philip Morris International in a research note on Wednesday, July 9th. They set a "buy" rating and a $220.00 price target for the company. Barclays reduced their target price on shares of Philip Morris International from $225.00 to $220.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. KGI Securities initiated coverage on shares of Philip Morris International in a research report on Monday, August 4th. They set an "outperform" rating on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Philip Morris International in a report on Wednesday, October 8th. Finally, UBS Group reduced their price objective on shares of Philip Morris International from $177.00 to $166.00 and set a "neutral" rating for the company in a research report on Friday, September 5th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $195.44.

Philip Morris International Stock Up 1.3%

Shares of PM stock opened at $158.08 on Friday. The firm has a market cap of $246.06 billion, a P/E ratio of 30.05, a PEG ratio of 2.31 and a beta of 0.46. The company has a 50 day moving average of $163.40 and a 200-day moving average of $168.82. Philip Morris International Inc. has a 12-month low of $116.12 and a 12-month high of $186.69.

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

Philip Morris International Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 3rd will be paid a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, October 3rd. This is an increase from Philip Morris International's previous quarterly dividend of $1.35. Philip Morris International's dividend payout ratio is currently 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.

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