3,949 Philip Morris International Inc. $PM Shares Sold by Summit Global Investments

Summit Global Investments cut its stake in Philip Morris International Inc. (NYSE:PM) by 75.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,309 shares of the company’s stock after selling 3,949 shares during the period. Summit Global Investments’ holdings in Philip Morris International were worth $250,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of PM. Bank of New York Mellon Corp increased its holdings in Philip Morris International by 30.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 11,669,878 shares of the company’s stock valued at $2,111,198,000 after buying an additional 2,755,662 shares during the period. Teamwork Financial Advisors LLC raised its stake in shares of Philip Morris International by 2,662.6% in the 2nd quarter. Teamwork Financial Advisors LLC now owns 65,695 shares of the company’s stock valued at $11,885,000 after buying an additional 63,317 shares in the last quarter. Perennial Investment Advisors LLC bought a new position in shares of Philip Morris International during the 2nd quarter worth about $505,000. Orographic Financial Advisors LLC bought a new position in shares of Philip Morris International during the 1st quarter worth about $1,205,000. Finally, Addison Capital Co lifted its holdings in shares of Philip Morris International by 32.5% during the 1st quarter. Addison Capital Co now owns 31,779 shares of the company’s stock worth $5,254,000 after acquiring an additional 7,793 shares during the period. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PM shares. BTIG Research set a $221.00 target price on shares of Philip Morris International and gave the company a “buy” rating in a research note on Friday, July 24th. Needham & Company LLC increased their price target on shares of Philip Morris International from $215.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Argus raised their price target on shares of Philip Morris International from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday, October 26th. Morgan Stanley lifted their price objective on Philip Morris International from $200.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, July 23rd. Finally, UBS Group lifted their price objective on Philip Morris International from $193.00 to $201.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $212.40.

Philip Morris International Trading Down 0.4%

Shares of PM stock opened at $207.48 on Wednesday. Philip Morris International Inc. has a 1 year low of $144.22 and a 1 year high of $214.35. The firm’s 50 day moving average is $194.93 and its 200-day moving average is $182.33. The firm has a market capitalization of $323.40 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 2.79 and a beta of 0.34.

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

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 26th. Stockholders of record on Friday, October 2nd were paid a $1.60 dividend. This is an increase from Philip Morris International’s previous quarterly dividend of $1.47. The ex-dividend date of this dividend was Friday, October 2nd. This represents a $6.40 annualized dividend and a dividend yield of 3.1%. Philip Morris International’s payout ratio is 93.43%.

Philip Morris International Profile

Philip Morris International Inc (NYSE:PM) is a global tobacco and nicotine company headquartered in Stamford, Connecticut. It was established as an independent company in 2008 following the separation of Philip Morris International from Altria Group. The company develops, manufactures and markets tobacco, nicotine and other related consumer products primarily outside the United States.

Its portfolio includes internationally recognized cigarette brands such as Marlboro, Parliament, L&M, Chesterfield and Bond Street.