Philip Morris International Inc. $PM Stock Position Increased by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. boosted its holdings in Philip Morris International Inc. (NYSE:PM) by 14.8% during the 3rd quarter, Holdings Channel reports. The fund owned 32,563 shares of the company’s stock after acquiring an additional 4,193 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Philip Morris International were worth $6,214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in PM. BlackRock Inc. lifted its holdings in Philip Morris International by 0.4% in the second quarter. BlackRock Inc. now owns 108,039,522 shares of the company’s stock worth $19,545,430,000 after purchasing an additional 444,449 shares during the period. State Street Corp lifted its stake in shares of Philip Morris International by 1.0% in the 2nd quarter. State Street Corp now owns 55,569,994 shares of the company’s stock worth $10,134,454,000 after acquiring an additional 536,968 shares during the period. GQG Partners LLC acquired a new stake in shares of Philip Morris International in the 2nd quarter worth approximately $8,220,008,000. Wellington Management Group LLP lifted its stake in shares of Philip Morris International by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 17,506,171 shares of the company’s stock worth $3,167,041,000 after acquiring an additional 650,587 shares during the period. Finally, Bank of America Corp DE bought a new position in shares of Philip Morris International in the second quarter valued at approximately $3,075,267,000. Institutional investors own 78.63% of the company’s stock.

Analyst Ratings Changes

PM has been the topic of a number of research analyst reports. Argus raised their price objective on shares of Philip Morris International from $210.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, October 26th. Stifel Nicolaus boosted their price objective on Philip Morris International from $205.00 to $232.00 and gave the stock a “buy” rating in a research note on Tuesday, November 3rd. BTIG Research set a $221.00 price objective on Philip Morris International and gave the company a “buy” rating in a report on Friday, July 24th. Barclays raised their target price on Philip Morris International from $205.00 to $225.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, UBS Group lifted their target price on Philip Morris International from $193.00 to $201.00 and gave the stock a “neutral” rating in a report on Thursday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $213.90.

Philip Morris International Price Performance

NYSE PM opened at $194.31 on Wednesday. The company’s 50 day simple moving average is $195.73 and its 200 day simple moving average is $183.05. Philip Morris International Inc. has a 12 month low of $146.35 and a 12 month high of $214.35. The company has a market capitalization of $302.86 billion, a P/E ratio of 28.37, a PEG ratio of 2.59 and a beta of 0.34.

Philip Morris International (NYSE:PM) last released its earnings results on Wednesday, October 21st. The company reported $2.36 EPS for the quarter, beating the consensus estimate of $2.30 by $0.06. The business had revenue of $11.44 billion during the quarter, compared to analyst estimates of $11.32 billion. Philip Morris International had a net margin of 10.73% and a negative return on equity of 183.96%. The business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.24 earnings per share. On average, analysts anticipate that Philip Morris International Inc. will post 8.32 earnings per share for the current year.

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Friday, October 2nd were issued a $1.60 dividend. This is an increase from Philip Morris International’s previous quarterly dividend of $1.47. This represents a $6.40 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, October 2nd. Philip Morris International’s dividend payout ratio is currently 93.43%.

Philip Morris International Company Profile

Philip Morris International is a global tobacco and nicotine company that develops, manufactures and sells cigarettes and smoke-free products. Its cigarette brands include Marlboro in markets outside the United States, along with other regional and international brands. The company’s smoke-free portfolio includes IQOS heated tobacco products, ZYN nicotine pouches and VEEV e-vapor products. Philip Morris International sells its products in markets around the world, with availability varying by country and subject to local regulations.