First County Bank CT Has $3.10 Million Stake in Philip Morris International Inc. (NYSE:PM)

First County Bank CT lowered its stake in Philip Morris International Inc. (NYSE:PM) by 9.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,552 shares of the company’s stock after selling 2,064 shares during the quarter. Philip Morris International makes up approximately 1.7% of First County Bank CT’s investment portfolio, making the stock its 11th largest position. First County Bank CT’s holdings in Philip Morris International were worth $3,103,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. NewSquare Capital LLC grew its position in Philip Morris International by 53.7% during the 4th quarter. NewSquare Capital LLC now owns 206 shares of the company’s stock worth $25,000 after acquiring an additional 72 shares during the last quarter. Ameriflex Group Inc. bought a new stake in shares of Philip Morris International during the fourth quarter worth about $36,000. McClarren Financial Advisors Inc. bought a new stake in shares of Philip Morris International during the fourth quarter worth about $33,000. Knuff & Co LLC acquired a new position in shares of Philip Morris International in the fourth quarter valued at approximately $36,000. Finally, Ball & Co Wealth Management Inc. bought a new position in Philip Morris International in the 4th quarter valued at approximately $36,000. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Lars Dahlgren sold 3,679 shares of the stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $152.96, for a total transaction of $562,739.84. Following the transaction, the insider now directly owns 26,828 shares of the company’s stock, valued at $4,103,610.88. This represents a 12.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is currently owned by corporate insiders.

Philip Morris International Stock Down 0.6%

PM opened at $177.79 on Friday. The stock has a market cap of $276.73 billion, a PE ratio of 39.42, a price-to-earnings-growth ratio of 2.65 and a beta of 0.50. Philip Morris International Inc. has a twelve month low of $98.93 and a twelve month high of $179.83. The company has a fifty day moving average of $164.70 and a 200-day moving average of $145.23.

Philip Morris International (NYSE:PM) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.08. Philip Morris International had a negative return on equity of 120.08% and a net margin of 7.89%. The firm had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $9.10 billion. During the same period last year, the business posted $1.50 EPS. The business’s revenue was up 5.8% compared to the same quarter last year. Sell-side analysts anticipate that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 10th. Investors of record on Thursday, March 20th were paid a dividend of $1.35 per share. The ex-dividend date was Thursday, March 20th. This represents a $5.40 annualized dividend and a yield of 3.04%. Philip Morris International’s dividend payout ratio is currently 111.34%.

Analyst Upgrades and Downgrades

PM has been the topic of several recent research reports. Barclays lifted their target price on shares of Philip Morris International from $175.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Argus upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Friday, March 14th. Morgan Stanley reissued an “overweight” rating and issued a $182.00 price objective (up previously from $156.00) on shares of Philip Morris International in a research note on Thursday, April 24th. JPMorgan Chase & Co. increased their price objective on Philip Morris International from $145.00 to $160.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Needham & Company LLC assumed coverage on Philip Morris International in a report on Thursday, May 22nd. They set a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Philip Morris International currently has an average rating of “Moderate Buy” and an average price target of $169.20.

About Philip Morris International

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.