Zions Bancorporation National Association UT Makes New Investment in Philip Morris International Inc. (NYSE:PM)

Key Points

• Zions Bancorporation National Association UT has acquired a new position in Philip Morris International, purchasing 68,560 shares valued at approximately $10.88 million, making it the bank’s 22nd largest position.
• Shares of Philip Morris International opened at $168.12, with a market capitalization of $261.70 billion, reflecting a 0.7% increase recently.
• The company's recent earnings report exceeded expectations, with earnings per share at $1.91 and a quarterly revenue of $10.14 billion, marking a 7.1% year-over-year increase.

Zions Bancorporation National Association UT bought a new position in Philip Morris International Inc. (NYSE:PM - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 68,560 shares of the company's stock, valued at approximately $10,883,000. Philip Morris International makes up about 0.7% of Zions Bancorporation National Association UT's holdings, making the stock its 22nd biggest position.

A number of other institutional investors and hedge funds have also bought and sold shares of PM. Brighton Jones LLC raised its stake in shares of Philip Morris International by 31.1% during the fourth quarter. Brighton Jones LLC now owns 8,531 shares of the company's stock worth $1,027,000 after acquiring an additional 2,023 shares in the last quarter. Revolve Wealth Partners LLC raised its stake in shares of Philip Morris International by 4.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 2,097 shares of the company's stock worth $252,000 after acquiring an additional 91 shares in the last quarter. FIL Ltd increased its stake in Philip Morris International by 52.1% in the 4th quarter. FIL Ltd now owns 394,353 shares of the company's stock worth $47,460,000 after purchasing an additional 135,007 shares during the period. Renaissance Technologies LLC purchased a new position in Philip Morris International in the 4th quarter worth approximately $15,513,000. Finally, DRW Securities LLC purchased a new position in Philip Morris International in the 4th quarter worth approximately $967,000. 78.63% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PM has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Philip Morris International from $175.00 to $190.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Morgan Stanley reaffirmed an "overweight" rating and issued a $182.00 price target (up from $156.00) on shares of Philip Morris International in a research note on Thursday, April 24th. Wall Street Zen cut Philip Morris International from a "buy" rating to a "hold" rating in a research note on Saturday. Needham & Company LLC reaffirmed a "buy" rating and issued a $195.00 price target on shares of Philip Morris International in a research note on Wednesday, July 23rd. Finally, KGI Securities assumed coverage on Philip Morris International in a research note on Monday, August 4th. They set an "outperform" rating on the stock. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $186.27.

Philip Morris International Stock Up 1.2%

Shares of PM traded up $2.06 during mid-day trading on Friday, hitting $170.23. 3,774,105 shares of the company's stock traded hands, compared to its average volume of 7,011,663. Philip Morris International Inc. has a 1 year low of $115.62 and a 1 year high of $186.69. The firm has a market capitalization of $264.98 billion, a P/E ratio of 32.36, a PEG ratio of 2.48 and a beta of 0.48. The business's 50-day moving average price is $176.29 and its 200-day moving average price is $163.44.

Philip Morris International (NYSE:PM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The company reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.86 by $0.05. The company had revenue of $10.14 billion for the quarter, compared to analysts' expectations of $10.33 billion. Philip Morris International had a negative return on equity of 120.86% and a net margin of 9.03%. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.59 earnings per share. Sell-side analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 27th were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, June 27th. Philip Morris International's dividend payout ratio is presently 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.