Assenagon Asset Management S.A. Purchases 1,468,861 Shares of Philip Morris International Inc. (NYSE:PM)

Assenagon Asset Management S.A. lifted its stake in Philip Morris International Inc. (NYSE:PM) by 1,501.7% in the first quarter, HoldingsChannel.com reports. The fund owned 1,566,677 shares of the company’s stock after purchasing an additional 1,468,861 shares during the period. Assenagon Asset Management S.A.’s holdings in Philip Morris International were worth $248,679,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. NewSquare Capital LLC lifted its holdings in shares of Philip Morris International by 53.7% in the fourth quarter. NewSquare Capital LLC now owns 206 shares of the company’s stock worth $25,000 after buying an additional 72 shares in the last quarter. Pacifica Partners Inc. increased its position in Philip Morris International by 115.0% during the first quarter. Pacifica Partners Inc. now owns 215 shares of the company’s stock valued at $35,000 after acquiring an additional 115 shares during the last quarter. Ameriflex Group Inc. bought a new position in Philip Morris International during the fourth quarter valued at $36,000. McClarren Financial Advisors Inc. bought a new position in shares of Philip Morris International in the fourth quarter worth about $33,000. Finally, Knuff & Co LLC bought a new position in shares of Philip Morris International in the fourth quarter worth about $36,000. 78.63% of the stock is currently owned by institutional investors.

Philip Morris International Trading Down 1.0%

Shares of PM stock opened at $178.90 on Wednesday. The company’s 50-day moving average price is $168.63 and its 200-day moving average price is $148.26. The stock has a market cap of $278.46 billion, a price-to-earnings ratio of 39.67, a PEG ratio of 2.65 and a beta of 0.52. Philip Morris International Inc. has a twelve month low of $98.93 and a twelve month high of $183.94.

Philip Morris International (NYSE:PM) last posted its earnings results on Wednesday, April 23rd. The company reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.08. Philip Morris International had a net margin of 7.89% and a negative return on equity of 120.08%. The company had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $9.10 billion. During the same quarter in the prior year, the company posted $1.50 earnings per share. Philip Morris International’s revenue for the quarter was up 5.8% compared to the same quarter last year. As a group, equities research analysts predict that Philip Morris International Inc. will post 7.14 EPS for the current year.

Analyst Upgrades and Downgrades

PM has been the subject of a number of research reports. Barclays upped their price objective on shares of Philip Morris International from $175.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Citigroup increased their price target on shares of Philip Morris International from $163.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Wall Street Zen lowered shares of Philip Morris International from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Argus upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Friday, March 14th. Finally, UBS Group upgraded shares of Philip Morris International from a “sell” rating to a “neutral” rating and increased their price target for the stock from $130.00 to $170.00 in a report on Friday, April 25th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.30.

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.