Bank of New York Mellon Corp Has $1.97 Billion Holdings in Philip Morris International Inc. (NYSE:PM)

Bank of New York Mellon Corp lessened its position in Philip Morris International Inc. (NYSE:PM) by 3.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 19,886,709 shares of the company’s stock after selling 672,877 shares during the period. Bank of New York Mellon Corp’s holdings in Philip Morris International were worth $1,970,972,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in Philip Morris International during the first quarter worth $2,075,000. Viking Fund Management LLC lifted its holdings in Philip Morris International by 3.5% during the second quarter. Viking Fund Management LLC now owns 59,000 shares of the company’s stock worth $5,847,000 after acquiring an additional 2,000 shares during the period. Premier Fund Managers Ltd lifted its holdings in Philip Morris International by 8.7% during the second quarter. Premier Fund Managers Ltd now owns 86,104 shares of the company’s stock worth $8,433,000 after acquiring an additional 6,882 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in Philip Morris International by 637.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 370,625 shares of the company’s stock worth $32,881,000 after acquiring an additional 320,339 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in Philip Morris International by 10.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 336,847 shares of the company’s stock worth $29,891,000 after acquiring an additional 30,698 shares during the period. Institutional investors own 75.05% of the company’s stock.

A number of analysts have issued reports on PM shares. Morgan Stanley reissued a “buy” rating and issued a $110.00 target price on shares of Philip Morris International in a research report on Friday, July 2nd. Piper Sandler raised their target price on Philip Morris International from $111.00 to $114.00 and gave the stock an “overweight” rating in a research report on Friday, June 11th. Deutsche Bank Aktiengesellschaft lifted their price target on Philip Morris International from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, August 19th. Barclays set a $98.59 target price on Philip Morris International and gave the stock an “overweight” rating in a research report on Friday, July 23rd. Finally, TheStreet upgraded Philip Morris International from a “c+” rating to a “b” rating in a research report on Tuesday, July 20th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Philip Morris International presently has a consensus rating of “Buy” and an average price target of $102.20.

In other Philip Morris International news, CEO Martin G. King sold 21,725 shares of the company’s stock in a transaction that occurred on Tuesday, July 27th. The stock was sold at an average price of $100.18, for a total transaction of $2,176,410.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.21% of the stock is currently owned by corporate insiders.

PM traded down $0.03 during midday trading on Tuesday, reaching $100.96. 27,273 shares of the company’s stock traded hands, compared to its average volume of 4,425,199. The firm has a fifty day moving average of $101.01 and a two-hundred day moving average of $96.86. The stock has a market capitalization of $157.35 billion, a price-to-earnings ratio of 17.92, a P/E/G ratio of 1.95 and a beta of 0.84. Philip Morris International Inc. has a 52 week low of $68.93 and a 52 week high of $106.51.

Philip Morris International (NYSE:PM) last posted its earnings results on Monday, July 19th. The company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.02. Philip Morris International had a negative return on equity of 91.56% and a net margin of 11.13%. The firm had revenue of $7.84 billion for the quarter, compared to the consensus estimate of $7.71 billion. During the same quarter in the prior year, the business earned $1.29 EPS. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. As a group, equities analysts predict that Philip Morris International Inc. will post 6.07 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 14th. Shareholders of record on Wednesday, September 29th will be issued a dividend of $1.25 per share. This is an increase from Philip Morris International’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Tuesday, September 28th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 4.95%. Philip Morris International’s dividend payout ratio is 92.84%.

Philip Morris International declared that its board has initiated a stock repurchase plan on Friday, June 11th that allows the company to repurchase $7.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

About Philip Morris International

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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Institutional Ownership by Quarter for Philip Morris International (NYSE:PM)

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