Pitcairn Co. Reduces Stock Position in Philip Morris International Inc. (NYSE:PM)

Pitcairn Co. lowered its position in shares of Philip Morris International Inc. (NYSE:PM) by 11.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 28,917 shares of the company’s stock after selling 3,567 shares during the quarter. Pitcairn Co.’s holdings in Philip Morris International were worth $3,511,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PM. Iron Horse Wealth Management LLC boosted its position in Philip Morris International by 684.4% during the 2nd quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company’s stock valued at $25,000 after buying an additional 219 shares during the period. Strategic Financial Concepts LLC bought a new position in Philip Morris International in the 2nd quarter worth $25,000. Sachetta LLC raised its holdings in Philip Morris International by 64.8% in the 2nd quarter. Sachetta LLC now owns 267 shares of the company’s stock worth $27,000 after purchasing an additional 105 shares in the last quarter. Valley Wealth Managers Inc. raised its holdings in Philip Morris International by 457.5% in the 3rd quarter. Valley Wealth Managers Inc. now owns 223 shares of the company’s stock worth $27,000 after purchasing an additional 183 shares in the last quarter. Finally, Fortitude Family Office LLC raised its holdings in Philip Morris International by 57.4% in the 2nd 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. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Insiders Place Their Bets

In other news, insider Werner Barth sold 7,500 shares of the company’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $129.98, for a total value of $974,850.00. Following the completion of the sale, the insider now directly owns 95,418 shares in the company, valued at $12,402,431.64. This represents a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Andre Calantzopoulos sold 101,918 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $129.85, for a total value of $13,234,052.30. Following the completion of the transaction, the chairman now directly owns 959,761 shares in the company, valued at $124,624,965.85. This trade represents a 9.60 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.13% of the company’s stock.

Philip Morris International Stock Performance

Shares of PM stock opened at $129.99 on Friday. The company has a market capitalization of $202.11 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 2.30 and a beta of 0.54. Philip Morris International Inc. has a one year low of $87.82 and a one year high of $134.15. The company’s 50-day moving average is $124.77 and its 200 day moving average is $114.62.

Philip Morris International (NYSE:PM) last issued its earnings results on Tuesday, October 22nd. The company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.09. The business had revenue of $9.91 billion during the quarter, compared to analysts’ expectations of $9.68 billion. Philip Morris International had a net margin of 10.35% and a negative return on equity of 117.94%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.67 earnings per share. As a group, research analysts predict that Philip Morris International Inc. will post 6.51 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 26th were issued a $1.35 dividend. The ex-dividend date was Thursday, September 26th. This is a boost from Philip Morris International’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 4.15%. Philip Morris International’s payout ratio is 85.71%.

Analysts Set New Price Targets

Several research analysts have commented on PM shares. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Philip Morris International from $118.00 to $135.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Stifel Nicolaus restated a “buy” rating and issued a $145.00 price objective (up from $138.00) on shares of Philip Morris International in a report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective on shares of Philip Morris International from $125.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. UBS Group upped their price objective on shares of Philip Morris International from $103.00 to $105.00 and gave the stock a “sell” rating in a report on Wednesday, October 23rd. Finally, Bank of America increased their price target on shares of Philip Morris International from $125.00 to $139.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.50.

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.