Chemical Bank cut its holdings in shares of Philip Morris International Inc. (NYSE:PM) by 1.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 15,770 shares of the company’s stock after selling 271 shares during the quarter. Chemical Bank’s holdings in Philip Morris International were worth $1,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc raised its stake in shares of Philip Morris International by 1.3% during the 3rd quarter. Vanguard Group Inc now owns 118,890,424 shares of the company’s stock worth $9,694,325,000 after purchasing an additional 1,516,211 shares during the period. Signet Investment Advisory Group Inc. bought a new stake in shares of Philip Morris International during the 4th quarter worth $388,000. Wedbush Securities Inc. raised its stake in shares of Philip Morris International by 12.3% during the 4th quarter. Wedbush Securities Inc. now owns 14,282 shares of the company’s stock worth $953,000 after purchasing an additional 1,569 shares during the period. Advisors Asset Management Inc. raised its stake in shares of Philip Morris International by 4.7% during the 4th quarter. Advisors Asset Management Inc. now owns 302,063 shares of the company’s stock worth $20,166,000 after purchasing an additional 13,544 shares during the period. Finally, Sigma Planning Corp raised its stake in shares of Philip Morris International by 4.8% during the 4th quarter. Sigma Planning Corp now owns 24,890 shares of the company’s stock worth $1,662,000 after purchasing an additional 1,138 shares during the period. 73.52% of the stock is currently owned by institutional investors.
In other news, insider Mario Masseroli sold 1,200 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $84.32, for a total transaction of $101,184.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael R. Kunst acquired 2,500 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were acquired at an average cost of $84.67 per share, with a total value of $211,675.00. The disclosure for this purchase can be found here. Insiders have acquired a total of 4,000 shares of company stock valued at $331,705 in the last ninety days. Insiders own 0.21% of the company’s stock.
Philip Morris International (NYSE:PM) last posted its earnings results on Thursday, April 18th. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.10. The business had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.76 billion. Philip Morris International had a negative return on equity of 78.74% and a net margin of 9.74%. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.00 EPS. As a group, equities research analysts expect that Philip Morris International Inc. will post 5.14 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 10th. Shareholders of record on Friday, June 21st will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 5.84%. The ex-dividend date of this dividend is Thursday, June 20th. Philip Morris International’s payout ratio is presently 89.41%.
A number of equities research analysts recently issued reports on the company. Citigroup boosted their price objective on Philip Morris International from $90.00 to $102.00 and gave the company a “buy” rating in a research note on Monday, March 25th. Zacks Investment Research upgraded Philip Morris International from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a research note on Thursday, April 4th. Societe Generale upgraded Philip Morris International from a “hold” rating to a “buy” rating in a research note on Tuesday, May 7th. Bank of America upgraded Philip Morris International from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $81.00 to $94.00 in a research note on Friday, May 17th. Finally, Barclays upgraded Philip Morris International from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $67.00 to $82.00 in a research note on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $92.57.
COPYRIGHT VIOLATION WARNING: This report was originally reported by Markets Daily and is the sole property of of Markets Daily. If you are viewing this report on another publication, it was illegally copied and reposted in violation of United States & international trademark & copyright laws. The legal version of this report can be viewed at https://www.themarketsdaily.com/2019/06/12/philip-morris-international-inc-nysepm-position-lowered-by-chemical-bank.html.
About Philip Morris International
Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.
Featured Article: Why is momentum important to successful trading?
Want to see what other hedge funds are holding PM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Philip Morris International Inc. (NYSE:PM).
Receive News & Ratings for Philip Morris International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Philip Morris International and related companies with MarketBeat.com's FREE daily email newsletter.