Cedar Wealth Management LLC lowered its position in Philip Morris International Inc. (NYSE:PM – Free Report) by 11.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 145,824 shares of the company’s stock after selling 19,756 shares during the period. Philip Morris International makes up about 5.5% of Cedar Wealth Management LLC’s portfolio, making the stock its 5th largest position. Cedar Wealth Management LLC’s holdings in Philip Morris International were worth $17,703,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in PM. Capital World Investors raised its position in shares of Philip Morris International by 1.5% in the 1st quarter. Capital World Investors now owns 111,247,656 shares of the company’s stock valued at $10,192,510,000 after purchasing an additional 1,684,992 shares during the last quarter. Capital Research Global Investors boosted its holdings in Philip Morris International by 3.1% in the first quarter. Capital Research Global Investors now owns 60,217,039 shares of the company’s stock valued at $5,517,085,000 after purchasing an additional 1,800,864 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Philip Morris International by 16.3% during the second quarter. Bank of New York Mellon Corp now owns 13,234,478 shares of the company’s stock worth $1,341,050,000 after acquiring an additional 1,856,551 shares during the period. First Eagle Investment Management LLC raised its position in Philip Morris International by 7.4% during the second quarter. First Eagle Investment Management LLC now owns 10,655,948 shares of the company’s stock valued at $1,079,767,000 after acquiring an additional 736,961 shares in the last quarter. Finally, Legal & General Group Plc raised its position in Philip Morris International by 4.7% during the second quarter. Legal & General Group Plc now owns 10,430,837 shares of the company’s stock valued at $1,056,957,000 after acquiring an additional 469,806 shares in the last quarter. 78.63% of the stock is owned by institutional investors and hedge funds.
Philip Morris International Stock Down 1.7 %
Shares of NYSE PM opened at $129.54 on Wednesday. The firm has a market cap of $201.41 billion, a price-to-earnings ratio of 20.56, a price-to-earnings-growth ratio of 2.25 and a beta of 0.54. The company’s 50-day simple moving average is $124.44 and its 200-day simple moving average is $114.16. Philip Morris International Inc. has a 52-week low of $87.82 and a 52-week high of $134.15.
Philip Morris International Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 26th were paid 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 yield of 4.17%. The ex-dividend date was Thursday, September 26th. Philip Morris International’s dividend payout ratio is currently 85.71%.
Insider Buying and Selling at Philip Morris International
In other news, Chairman Andre Calantzopoulos sold 101,918 shares of the company’s stock in a transaction that occurred on 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 sale, the chairman now directly owns 959,761 shares in the company, valued at $124,624,965.85. This represents a 9.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Werner Barth sold 7,500 shares of Philip Morris International stock in a transaction that occurred 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 transaction, the insider now owns 95,418 shares in the company, valued at approximately $12,402,431.64. The trade was a 7.29 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.
Analyst Ratings Changes
PM has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Philip Morris International from $125.00 to $145.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group raised their price target on shares of Philip Morris International from $126.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. UBS Group lifted their price objective on shares of Philip Morris International from $103.00 to $105.00 and gave the company a “sell” rating in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of Philip Morris International from $118.00 to $135.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Finally, Citigroup lifted their price target on Philip Morris International from $118.50 to $132.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $131.50.
Read Our Latest Stock Report on PM
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.
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