DAVENPORT & Co LLC Sells 210,883 Shares of Philip Morris International Inc. $PM

DAVENPORT & Co LLC cut its holdings in Philip Morris International Inc. (NYSE:PM) by 24.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 638,027 shares of the company’s stock after selling 210,883 shares during the period. DAVENPORT & Co LLC’s holdings in Philip Morris International were worth $103,565,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Corient Private Wealth LLC grew its position in shares of Philip Morris International by 1.2% in the 2nd quarter. Corient Private Wealth LLC now owns 490,590 shares of the company’s stock valued at $89,354,000 after acquiring an additional 5,681 shares during the period. Westwood Holdings Group Inc. lifted its stake in Philip Morris International by 295.8% in the 2nd quarter. Westwood Holdings Group Inc. now owns 67,717 shares of the company’s stock valued at $12,333,000 after purchasing an additional 50,610 shares during the last quarter. Prudential Financial Inc. lifted its stake in Philip Morris International by 88.9% in the 2nd quarter. Prudential Financial Inc. now owns 2,138,118 shares of the company’s stock valued at $389,415,000 after purchasing an additional 1,006,014 shares during the last quarter. Trek Financial LLC grew its holdings in Philip Morris International by 732.3% during the second quarter. Trek Financial LLC now owns 42,829 shares of the company’s stock worth $7,801,000 after purchasing an additional 37,683 shares during the period. Finally, Klingman & Associates LLC increased its position in Philip Morris International by 44.5% during the second quarter. Klingman & Associates LLC now owns 6,615 shares of the company’s stock worth $1,205,000 after buying an additional 2,038 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on PM. Wall Street Zen raised Philip Morris International from a “hold” rating to a “buy” rating in a research report on Monday, November 17th. Morgan Stanley set a $175.00 price target on Philip Morris International and gave the company an “overweight” rating in a report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Philip Morris International in a research report on Wednesday, October 8th. Stifel Nicolaus set a $180.00 price objective on shares of Philip Morris International in a research report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Philip Morris International from $190.00 to $185.00 and set an “overweight” rating for the company in a report on Wednesday, November 26th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Philip Morris International presently has a consensus rating of “Moderate Buy” and an average target price of $189.00.

Philip Morris International Stock Performance

Shares of Philip Morris International stock opened at $162.14 on Wednesday. The firm has a 50-day moving average of $153.85 and a 200-day moving average of $164.06. The stock has a market cap of $252.39 billion, a PE ratio of 29.37, a PEG ratio of 1.91 and a beta of 0.42. Philip Morris International Inc. has a 52-week low of $116.12 and a 52-week high of $186.69.

Philip Morris International (NYSE:PM) last released its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 EPS for the quarter. Philip Morris International had a net margin of 9.33% and a negative return on equity of 122.14%. The business had revenue of $8.12 billion for the quarter. Equities research 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, January 14th. Investors of record on Friday, December 26th will be paid a $1.47 dividend. This represents a $5.88 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Friday, December 26th. Philip Morris International’s payout ratio is 106.52%.

Philip Morris International Company Profile

Philip Morris International Inc (NYSE: PM) is a global tobacco company that manufactures and sells cigarettes, other nicotine-containing products and a growing portfolio of smoke-free alternatives for adult smokers. The firm traces its corporate roots to the 19th century Philip Morris enterprise and was established as an independent, publicly traded company following a 2008 separation from what is now Altria. Since the spin-off, the company has focused on serving international markets outside the United States.

PMI’s product mix includes traditional combustible cigarettes as well as smoke-free offerings such as heated tobacco systems and other reduced-risk products.