Philip Morris International Inc. (NYSE:PM) Shares Bought by Canal Capital Management LLC

25 Oct 2024, 19:20 by Kim Johansen · The Markets Daily

Canal Capital Management LLC grew its stake in Philip Morris International Inc. (NYSE:PM – Free Report) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,635 shares of the company’s stock after purchasing an additional 1,717 shares during the quarter. Philip Morris International makes up 2.1% of Canal Capital Management LLC’s holdings, making the stock its 9th biggest position. Canal Capital Management LLC’s holdings in Philip Morris International were worth $13,310,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Iron Horse Wealth Management LLC boosted its holdings in Philip Morris International by 684.4% in the 2nd quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company’s stock worth $25,000 after buying an additional 219 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Philip Morris International in the second quarter valued at approximately $25,000. Sachetta LLC boosted its stake in shares of Philip Morris International by 64.8% in the second quarter. Sachetta LLC now owns 267 shares of the company’s stock worth $27,000 after acquiring an additional 105 shares during the last quarter. Fortitude Family Office LLC increased its position in shares of 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 in the last quarter. Finally, Olistico Wealth LLC acquired a new position in Philip Morris International in the 2nd quarter valued at $34,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Philip Morris International Stock Up 0.1 %

NYSE:PM opened at $132.87 on Friday. Philip Morris International Inc. has a 52 week low of $87.23 and a 52 week high of $132.90. The stock’s fifty day moving average is $121.97 and its two-hundred day moving average is $109.28. The company has a market capitalization of $206.59 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.57 and a beta of 0.55.

Philip Morris International (NYSE:PM – Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.09. Philip Morris International had a net margin of 12.10% and a negative return on equity of 117.94%. The firm had revenue of $9.91 billion for the quarter, compared to analyst estimates of $9.68 billion. During the same period in the previous year, the firm earned $1.67 EPS. Philip Morris International’s revenue was up 8.4% on a year-over-year basis. Sell-side analysts anticipate that Philip Morris International Inc. will post 6.45 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 26th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend was Thursday, September 26th. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. Philip Morris International’s dividend payout ratio (DPR) is 85.71%.

Insider Buying and Selling at Philip Morris International

In other news, insider Massimo Andolina sold 9,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $115.35, for a total transaction of $1,038,150.00. Following the completion of the transaction, the insider now directly owns 85,629 shares in the company, valued at $9,877,305.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.13% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have issued reports on PM. Barclays lifted their target price on shares of Philip Morris International from $130.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, September 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $145.00 price objective (up previously from $138.00) on shares of Philip Morris International in a research note on Wednesday. The Goldman Sachs Group increased their price objective on shares of Philip Morris International from $126.00 to $140.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft boosted their target price on Philip Morris International from $118.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Finally, Bank of America increased their price target on Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $126.85.

View Our Latest Report on Philip Morris International

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.