Corebridge Financial Inc. Has $44.69 Million Stake in Philip Morris International Inc. (NYSE:PM)

Corebridge Financial Inc. cut its holdings in shares of Philip Morris International Inc. (NYSE:PM) by 1.8% during the fourth quarter, Holdings Channel reports. The fund owned 371,329 shares of the company’s stock after selling 6,869 shares during the quarter. Corebridge Financial Inc.’s holdings in Philip Morris International were worth $44,689,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PM. Vanguard Group Inc. lifted its position in Philip Morris International by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 139,432,392 shares of the company’s stock worth $16,780,688,000 after acquiring an additional 1,167,810 shares during the last quarter. State Street Corp lifted its holdings in Philip Morris International by 0.4% during the 3rd quarter. State Street Corp now owns 54,711,621 shares of the company’s stock worth $6,715,237,000 after purchasing an additional 224,840 shares during the last quarter. Geode Capital Management LLC boosted its stake in Philip Morris International by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 32,101,324 shares of the company’s stock valued at $3,886,818,000 after purchasing an additional 621,034 shares during the period. FMR LLC grew its holdings in Philip Morris International by 40.9% in the 3rd quarter. FMR LLC now owns 23,168,446 shares of the company’s stock valued at $2,812,649,000 after buying an additional 6,721,094 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Philip Morris International by 21.0% during the 4th quarter. Bank of New York Mellon Corp now owns 16,070,482 shares of the company’s stock worth $1,934,083,000 after buying an additional 2,785,987 shares during the period. Institutional investors own 78.63% of the company’s stock.

Philip Morris International Stock Performance

NYSE PM opened at $151.25 on Monday. The firm’s fifty day moving average price is $142.37 and its two-hundred day moving average price is $131.22. The stock has a market cap of $235.16 billion, a PE ratio of 33.54, a PEG ratio of 2.65 and a beta of 0.53. Philip Morris International Inc. has a fifty-two week low of $87.82 and a fifty-two week high of $159.51.

Philip Morris International (NYSE:PM) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.06. Philip Morris International had a negative return on equity of 120.08% and a net margin of 7.89%. As a group, sell-side analysts predict that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Thursday, March 20th will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $5.40 annualized dividend and a yield of 3.57%. Philip Morris International’s dividend payout ratio is presently 119.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their target price on shares of Philip Morris International from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Morgan Stanley initiated coverage on shares of Philip Morris International in a report on Thursday, January 16th. They issued an “overweight” rating and a $140.00 price objective for the company. StockNews.com cut shares of Philip Morris International from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Stifel Nicolaus boosted their price target on Philip Morris International from $145.00 to $160.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, UBS Group raised their price objective on Philip Morris International from $105.00 to $120.00 and gave the stock a “sell” rating in a research note on Friday, February 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $144.56.

Insiders Place Their Bets

In related news, VP Reginaldo Dobrowolski sold 5,000 shares of the firm’s stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $149.88, for a total transaction of $749,400.00. Following the completion of the transaction, the vice president now directly owns 20,799 shares of the company’s stock, valued at $3,117,354.12. This trade represents a 19.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lars Dahlgren sold 3,679 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $152.96, for a total value of $562,739.84. Following the completion of the sale, the insider now owns 26,828 shares in the company, valued at $4,103,610.88. This trade represents a 12.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 131,822 shares of company stock valued at $19,655,585 in the last ninety days. 0.13% of the stock is currently owned by insiders.

Philip Morris International Profile

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.