Envestnet Portfolio Solutions Inc. Sells 27,996 Shares of Philip Morris International Inc. $PM

Envestnet Portfolio Solutions Inc. lessened its stake in shares of Philip Morris International Inc. (NYSE:PM) by 17.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 130,153 shares of the company’s stock after selling 27,996 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Philip Morris International were worth $23,705,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC raised its holdings in shares of Philip Morris International by 31.1% in the 4th quarter. Brighton Jones LLC now owns 8,531 shares of the company’s stock worth $1,027,000 after purchasing an additional 2,023 shares during the period. Revolve Wealth Partners LLC increased its position in Philip Morris International by 4.5% in the fourth quarter. Revolve Wealth Partners LLC now owns 2,097 shares of the company’s stock worth $252,000 after buying an additional 91 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Philip Morris International by 26.5% in the first quarter. GAMMA Investing LLC now owns 28,268 shares of the company’s stock valued at $4,487,000 after buying an additional 5,930 shares during the period. Tritonpoint Wealth LLC lifted its position in shares of Philip Morris International by 10.5% during the 1st quarter. Tritonpoint Wealth LLC now owns 3,095 shares of the company’s stock valued at $495,000 after buying an additional 294 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Philip Morris International by 24.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 439,082 shares of the company’s stock valued at $69,695,000 after buying an additional 87,631 shares during the last quarter. Institutional investors own 78.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PM shares. Jefferies Financial Group initiated coverage on Philip Morris International in a report on Wednesday, July 9th. They issued a “buy” rating and a $220.00 price objective for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Philip Morris International in a research note on Wednesday, October 8th. Citigroup reissued a “buy” rating on shares of Philip Morris International in a research report on Thursday, September 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $195.00 price objective on shares of Philip Morris International in a report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Philip Morris International from $175.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $195.44.

Philip Morris International Stock Performance

Shares of PM stock opened at $160.51 on Monday. Philip Morris International Inc. has a 52-week low of $116.12 and a 52-week high of $186.69. The business’s fifty day moving average is $164.24 and its 200 day moving average is $168.87. The company has a market capitalization of $249.85 billion, a PE ratio of 30.52, a price-to-earnings-growth ratio of 2.34 and a beta of 0.46.

Philip Morris International (NYSE:PM) 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, sell-side analysts forecast that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Friday, October 3rd will be issued a dividend of $1.47 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from Philip Morris International’s previous quarterly dividend of $1.35. Philip Morris International’s payout ratio is presently 111.79%.

Philip Morris International 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.