First Long Island Investors LLC Cuts Stake in Philip Morris International Inc. (NYSE:PM)

by · The Cerbat Gem

First Long Island Investors LLC lessened its holdings in Philip Morris International Inc. (NYSE:PM – Free Report) by 0.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 218,743 shares of the company’s stock after selling 795 shares during the period. Philip Morris International makes up approximately 2.1% of First Long Island Investors LLC’s portfolio, making the stock its 18th largest position. First Long Island Investors LLC’s holdings in Philip Morris International were worth $26,555,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Iron Horse Wealth Management LLC grew its stake in shares of Philip Morris International by 684.4% during the second quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company’s stock worth $25,000 after purchasing an additional 219 shares in the last quarter. Strategic Financial Concepts LLC acquired a new position in shares of Philip Morris International during the 2nd quarter worth about $25,000. Sachetta LLC increased its holdings in shares of Philip Morris International by 64.8% in the 2nd quarter. Sachetta LLC now owns 267 shares of the company’s stock valued at $27,000 after acquiring an additional 105 shares during the last quarter. Valley Wealth Managers Inc. raised its position in shares of Philip Morris International by 457.5% during the 3rd quarter. Valley Wealth Managers Inc. now owns 223 shares of the company’s stock worth $27,000 after acquiring an additional 183 shares in the last quarter. Finally, Fortitude Family Office LLC lifted its stake in Philip Morris International by 57.4% during the second quarter. Fortitude Family Office LLC now owns 318 shares of the company’s stock worth $32,000 after purchasing an additional 116 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on PM shares. Barclays lifted their price target on shares of Philip Morris International from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their target price on Philip Morris International from $126.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, September 26th. StockNews.com raised Philip Morris International from a “hold” rating to a “buy” rating in a research report on Monday, July 22nd. UBS Group increased their price objective on Philip Morris International from $103.00 to $105.00 and gave the company a “sell” rating in a report on Wednesday, October 23rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $145.00 target price (up from $138.00) on shares of Philip Morris International in a report on Wednesday, October 23rd. One 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.85.

View Our Latest Research Report on PM

Philip Morris International Price Performance

Shares of PM stock traded up $1.88 during midday trading on Friday, reaching $130.08. 1,534,554 shares of the company traded hands, compared to its average volume of 5,381,534. The firm has a market cap of $202.25 billion, a PE ratio of 20.51, a price-to-earnings-growth ratio of 2.19 and a beta of 0.54. The firm’s 50 day simple moving average is $124.25 and its two-hundred day simple moving average is $113.21. Philip Morris International Inc. has a 1-year low of $87.82 and a 1-year high of $134.15.

Philip Morris International (NYSE:PM – Get Free Report) last posted its earnings results on Tuesday, October 22nd. The company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.09. The company had revenue of $9.91 billion for the quarter, compared to analyst estimates of $9.68 billion. Philip Morris International had a negative return on equity of 117.94% and a net margin of 10.35%. Philip Morris International’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.67 earnings per share. As a group, research analysts anticipate that Philip Morris International Inc. will post 6.51 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were given a $1.35 dividend. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, September 26th. Philip Morris International’s dividend payout ratio is currently 85.71%.

Insiders Place Their Bets

In related news, Chairman Andre Calantzopoulos sold 101,918 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $129.85, for a total transaction of $13,234,052.30. Following the completion of the sale, the chairman now owns 959,761 shares of the company’s stock, valued at $124,624,965.85. This represents a 9.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Werner Barth sold 7,500 shares of Philip Morris International stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $129.98, for a total transaction of $974,850.00. Following the completion of the sale, the insider now owns 95,418 shares in the company, valued at approximately $12,402,431.64. This represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.13% of the stock is owned by corporate insiders.

About Philip Morris International

(Free Report)

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.

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