Eaton Vance Management grew its position in shares of Philip Morris International Inc. (NYSE:PM) by 1.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,351,040 shares of the company’s stock after purchasing an additional 24,564 shares during the quarter. Eaton Vance Management owned 0.09% of Philip Morris International worth $119,891,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Lumature Wealth Partners LLC acquired a new position in shares of Philip Morris International in the 1st quarter worth $26,000. Better Money Decisions LLC acquired a new position in shares of Philip Morris International in the 1st quarter worth $26,000. Providence Capital Advisors LLC acquired a new position in shares of Philip Morris International in the 1st quarter worth $27,000. Grant Street Asset Management Inc. purchased a new position in shares of Philip Morris International during the fourth quarter valued at $27,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Philip Morris International during the first quarter valued at $35,000. Institutional investors own 74.68% of the company’s stock.
Shares of NYSE:PM opened at $96.54 on Thursday. Philip Morris International Inc. has a fifty-two week low of $68.93 and a fifty-two week high of $100.95. The business has a 50-day moving average of $98.29. The firm has a market capitalization of $150.46 billion, a PE ratio of 16.97, a P/E/G ratio of 1.82 and a beta of 0.83.
The business also recently declared a quarterly dividend, which was paid on Monday, July 12th. Shareholders of record on Friday, June 25th were given a $1.20 dividend. The ex-dividend date was Thursday, June 24th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.97%. Philip Morris International’s dividend payout ratio is currently 92.84%.
Philip Morris International declared that its board has approved a share repurchase program on Friday, June 11th that allows the company to repurchase $7.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
A number of research analysts have recently weighed in on PM shares. Barclays lifted their price target on Philip Morris International from $103.00 to $110.00 and gave the company an “overweight” rating in a report on Thursday, April 22nd. Zacks Investment Research downgraded Philip Morris International from a “buy” rating to a “hold” rating and set a $99.00 price target on the stock. in a report on Tuesday, April 27th. Piper Sandler lifted their price target on Philip Morris International from $111.00 to $114.00 and gave the company an “overweight” rating in a report on Friday, June 11th. Morgan Stanley reissued a “buy” rating and set a $110.00 price objective on shares of Philip Morris International in a research report on Friday, July 2nd. Finally, TheStreet raised Philip Morris International from a “c+” rating to a “b” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $100.92.
In other news, insider Mario Masseroli sold 1,734 shares of Philip Morris International stock in a transaction dated Monday, May 10th. The stock was sold at an average price of $98.31, for a total value of $170,469.54. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Martin G. King sold 21,066 shares of Philip Morris International stock in a transaction dated Tuesday, April 27th. The stock was sold at an average price of $94.51, for a total value of $1,990,947.66. The disclosure for this sale can be found here. Insiders sold 32,800 shares of company stock valued at $3,139,017 in the last ninety days. Insiders own 0.21% of the company’s stock.
Philip Morris International Company Profile
Philip Morris International, Inc is a holding company. It engages in manufacturing and sale of cigarettes, tobacco and nicotine-containing products. It operates through the following geographical segments: European Union, Eastern Europe, Middles East & Africa, South & Southeast Asia, East Asia & Australia and Latin America & Canada.
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