WCM Investment Management LLC Buys 11,230,626 Shares of Philip Morris International Inc. $PM

Key Points

• WCM Investment Management LLC increased its stake in Philip Morris International significantly by purchasing over 11 million shares, raising its ownership to approximately $2.04 billion, which constitutes 4.6% of its portfolio.
• Despite recent adjustments in target prices from various analysts, the consensus rating for Philip Morris International is a "Moderate Buy" with an average target price of $195.44.
• The company recently declared an increase in its quarterly dividend to $1.47 per share, reflecting a yield of 3.7%, following up on the previous dividend of $1.35.

WCM Investment Management LLC lifted its stake in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 24,968.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,275,606 shares of the company's stock after purchasing an additional 11,230,626 shares during the quarter. Philip Morris International comprises 4.6% of WCM Investment Management LLC's portfolio, making the stock its 4th largest position. WCM Investment Management LLC owned approximately 0.72% of Philip Morris International worth $2,041,223,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Abound Wealth Management raised its position in shares of Philip Morris International by 566.7% during the 2nd quarter. Abound Wealth Management now owns 160 shares of the company's stock worth $29,000 after purchasing an additional 136 shares during the period. Kelly Lawrence W & Associates Inc. CA acquired a new stake in shares of Philip Morris International during the 1st quarter worth approximately $30,000. CBIZ Investment Advisory Services LLC raised its position in shares of Philip Morris International by 405.0% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 202 shares of the company's stock worth $32,000 after purchasing an additional 162 shares during the period. Clal Insurance Enterprises Holdings Ltd acquired a new stake in shares of Philip Morris International during the 1st quarter worth approximately $34,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of Philip Morris International during the 1st quarter worth approximately $35,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Citigroup restated a "buy" rating on shares of Philip Morris International in a research report on Thursday, September 4th. UBS Group lowered their target price on Philip Morris International from $177.00 to $166.00 and set a "neutral" rating on the stock in a research report on Friday, September 5th. KGI Securities assumed coverage on Philip Morris International in a research report on Monday, August 4th. They issued an "outperform" rating on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Philip Morris International in a research report on Wednesday, October 8th. Finally, Barclays lowered their target price on Philip Morris International from $225.00 to $220.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $195.44.

Philip Morris International Stock Performance

Shares of NYSE PM opened at $157.88 on Thursday. The stock has a fifty day moving average price of $163.89 and a two-hundred day moving average price of $168.75. The firm has a market cap of $245.75 billion, a P/E ratio of 30.02, a PEG ratio of 2.32 and a beta of 0.46. 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 issued its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share (EPS) 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, research analysts predict that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Shareholders 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 yield of 3.7%. The ex-dividend date of this dividend 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 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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