Philip Morris International Inc. $PM Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lessened its stake in shares of Philip Morris International Inc. (NYSE:PM) by 4.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,385 shares of the company’s stock after selling 2,829 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Philip Morris International were worth $11,908,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. WCM Investment Management LLC grew its position in shares of Philip Morris International by 24,968.0% in the second quarter. WCM Investment Management LLC now owns 11,275,606 shares of the company’s stock valued at $2,041,223,000 after purchasing an additional 11,230,626 shares during the period. Nuveen LLC acquired a new stake in shares of Philip Morris International in the first quarter worth $1,712,994,000. Wellington Management Group LLP raised its position in Philip Morris International by 26.4% in the first quarter. Wellington Management Group LLP now owns 21,840,422 shares of the company’s stock valued at $3,466,730,000 after purchasing an additional 4,563,632 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Philip Morris International by 57.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,794,530 shares of the company’s stock valued at $1,554,686,000 after buying an additional 3,575,158 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Philip Morris International by 22.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,018,628 shares of the company’s stock valued at $1,431,527,000 after purchasing an additional 1,635,636 shares during the period. 78.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PM. Barclays dropped their target price on Philip Morris International from $225.00 to $220.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. Wall Street Zen raised shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Saturday. Citigroup reissued a “buy” rating on shares of Philip Morris International in a report on Thursday, September 4th. Stifel Nicolaus set a $180.00 target price on shares of Philip Morris International in a research report on Tuesday, October 21st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Philip Morris International in a report on Wednesday, October 8th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Philip Morris International presently has an average rating of “Moderate Buy” and a consensus price target of $194.00.

Philip Morris International Price Performance

Shares of PM opened at $144.33 on Friday. The stock has a market cap of $224.67 billion, a price-to-earnings ratio of 26.15, a PEG ratio of 2.11 and a beta of 0.46. The company has a 50-day moving average of $160.05 and a two-hundred day moving average of $168.80. Philip Morris International Inc. has a one year low of $116.12 and a one year high of $186.69.

Philip Morris International (NYSE:PM) last posted its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share for the quarter. Philip Morris International had a negative return on equity of 122.14% and a net margin of 9.33%.The firm had revenue of $8.12 billion for the quarter. Analysts anticipate that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Friday, October 3rd were given a dividend of $1.47 per share. The ex-dividend date of this dividend was Friday, October 3rd. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.35. This represents a $5.88 dividend on an annualized basis and a yield of 4.1%. Philip Morris International’s payout ratio is 106.52%.

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.