Laurel Wealth Advisors Inc. boosted its holdings in Philip Morris International Inc. (NYSE:PM) by 1.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 20,653 shares of the company’s stock after buying an additional 356 shares during the period. Laurel Wealth Advisors Inc.’s holdings in Philip Morris International were worth $1,622,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of PM. BlackRock Inc. lifted its stake in shares of Philip Morris International by 5.1% in the 2nd quarter. BlackRock Inc. now owns 100,831,956 shares of the company’s stock valued at $7,918,335,000 after purchasing an additional 4,879,296 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Philip Morris International by 67.0% in the 2nd quarter. Renaissance Technologies LLC now owns 3,663,243 shares of the company’s stock valued at $287,674,000 after purchasing an additional 1,470,000 shares in the last quarter. Prudential Financial Inc. lifted its position in Philip Morris International by 65.7% during the 2nd quarter. Prudential Financial Inc. now owns 3,418,331 shares of the company’s stock worth $268,442,000 after acquiring an additional 1,354,878 shares in the last quarter. Natixis lifted its position in Philip Morris International by 232.1% during the 2nd quarter. Natixis now owns 1,763,084 shares of the company’s stock worth $138,455,000 after acquiring an additional 1,232,153 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in Philip Morris International by 60.5% during the 2nd quarter. Toronto Dominion Bank now owns 1,920,144 shares of the company’s stock worth $150,750,000 after acquiring an additional 723,701 shares in the last quarter. 74.59% of the stock is currently owned by hedge funds and other institutional investors.
PM stock traded down $0.45 during midday trading on Friday, hitting $74.45. 681,222 shares of the company’s stock were exchanged, compared to its average volume of 8,091,031. Philip Morris International Inc. has a 12-month low of $64.67 and a 12-month high of $92.74. The firm has a 50 day moving average price of $80.12 and a 200-day moving average price of $83.07. The stock has a market capitalization of $115.66 billion, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Wednesday, September 25th will be issued a dividend of $1.17 per share. The ex-dividend date of this dividend is Tuesday, September 24th. This is an increase from Philip Morris International’s previous quarterly dividend of $1.14. This represents a $4.68 annualized dividend and a yield of 6.29%. Philip Morris International’s payout ratio is currently 89.41%.
In other Philip Morris International news, insider Mario Masseroli sold 1,100 shares of Philip Morris International stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $87.42, for a total transaction of $96,162.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.21% of the stock is owned by insiders.
PM has been the topic of several recent research reports. Zacks Investment Research raised Philip Morris International from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Barclays raised Philip Morris International from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $82.00 to $100.00 in a research report on Friday, July 19th. Bank of America raised Philip Morris International from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $81.00 to $94.00 in a research report on Friday, May 17th. JPMorgan Chase & Co. set a $86.00 price target on Philip Morris International and gave the stock a “neutral” rating in a research report on Wednesday, August 28th. Finally, Credit Suisse Group set a $80.00 price target on Philip Morris International and gave the stock a “sell” rating in a research report on Wednesday, August 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $93.77.
Philip Morris International Profile
Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.
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