Griffin Asset Management Inc. Trims Stake in Philip Morris International Inc. (NYSE:PM)

Griffin Asset Management Inc. trimmed its stake in Philip Morris International Inc. (NYSE:PM) by 8.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,993 shares of the company’s stock after selling 2,354 shares during the period. Griffin Asset Management Inc.’s holdings in Philip Morris International were worth $2,431,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Nova Scotia increased its stake in shares of Philip Morris International by 283.5% in the 4th quarter. Bank of Nova Scotia now owns 1,186,082 shares of the company’s stock worth $111,583,000 after purchasing an additional 876,790 shares in the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Philip Morris International in the 1st quarter worth $5,634,000. Axxcess Wealth Management LLC increased its stake in shares of Philip Morris International by 25.4% in the 1st quarter. Axxcess Wealth Management LLC now owns 34,390 shares of the company’s stock worth $3,151,000 after purchasing an additional 6,974 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new stake in Philip Morris International in the 4th quarter worth $1,251,000. Finally, Nebula Research & Development LLC bought a new stake in Philip Morris International during the fourth quarter valued at about $857,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Philip Morris International Stock Up 0.1 %

NYSE PM traded up $0.12 during trading hours on Thursday, hitting $120.12. 4,156,168 shares of the company were exchanged, compared to its average volume of 5,344,273. The stock has a 50-day moving average price of $108.66 and a 200 day moving average price of $99.52. Philip Morris International Inc. has a 52 week low of $87.23 and a 52 week high of $120.21. The stock has a market cap of $186.73 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 2.35 and a beta of 0.58.

Philip Morris International (NYSE:PM) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.02. Philip Morris International had a negative return on equity of 113.32% and a net margin of 9.41%. The company had revenue of $9.47 billion for the quarter, compared to analysts’ expectations of $9.19 billion. During the same period in the previous year, the firm posted $1.60 earnings per share. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Philip Morris International Inc. will post 6.41 earnings per share for the current year.

Philip Morris International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Friday, June 21st were given a dividend of $1.30 per share. The ex-dividend date was Friday, June 21st. This represents a $5.20 annualized dividend and a dividend yield of 4.33%. Philip Morris International’s dividend payout ratio (DPR) is presently 101.56%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Barclays raised their price target on Philip Morris International from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, August 14th. Stifel Nicolaus raised their price target on Philip Morris International from $115.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their price target on Philip Morris International from $116.00 to $118.00 and gave the company a “buy” rating in a report on Thursday, July 25th. StockNews.com raised Philip Morris International from a “hold” rating to a “buy” rating in a report on Monday, July 22nd. Finally, Bank of America lifted their target price on Philip Morris International from $110.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $109.80.

Insider Buying and Selling at Philip Morris International

In other Philip Morris International news, insider Wilde Frederic De sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $113.01, for a total transaction of $2,260,200.00. Following the completion of the transaction, the insider now owns 158,447 shares in the company, valued at $17,906,095.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Massimo Andolina sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $115.35, for a total value of $1,038,150.00. Following the completion of the sale, the insider now owns 85,629 shares in the company, valued at $9,877,305.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wilde Frederic De sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $113.01, for a total value of $2,260,200.00. Following the completion of the sale, the insider now owns 158,447 shares of the company’s stock, valued at approximately $17,906,095.47. The disclosure for this sale can be found here. Company insiders own 0.13% of the company’s stock.

About Philip Morris International

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.