Fosun International Ltd Decreases Stock Holdings in Philip Morris International Inc. (NYSE:PM)

Fosun International Ltd lowered its stake in shares of Philip Morris International Inc. (NYSE:PM) by 4.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,920 shares of the company’s stock after selling 1,300 shares during the period. Fosun International Ltd’s holdings in Philip Morris International were worth $3,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cambria Investment Management L.P. increased its position in Philip Morris International by 10.8% during the second quarter. Cambria Investment Management L.P. now owns 11,808 shares of the company’s stock worth $1,170,000 after purchasing an additional 1,152 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Philip Morris International by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 195,268 shares of the company’s stock worth $19,353,000 after buying an additional 498 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Philip Morris International by 6.2% in the 2nd quarter. Legal & General Group Plc now owns 8,677,703 shares of the company’s stock worth $860,046,000 after acquiring an additional 507,084 shares during the period. Natixis Advisors L.P. increased its holdings in shares of Philip Morris International by 4.3% in the 2nd quarter. Natixis Advisors L.P. now owns 555,417 shares of the company’s stock worth $55,048,000 after acquiring an additional 23,026 shares during the period. Finally, Scotia Capital Inc. increased its stake in Philip Morris International by 2.7% during the 2nd quarter. Scotia Capital Inc. now owns 39,824 shares of the company’s stock valued at $3,947,000 after buying an additional 1,059 shares during the period. 75.05% of the stock is currently owned by institutional investors.

Shares of NYSE:PM traded down $4.13 during trading on Tuesday, hitting $98.38. The stock had a trading volume of 109,566 shares, compared to its average volume of 4,411,671. Philip Morris International Inc. has a 12 month low of $68.93 and a 12 month high of $106.51. The company has a market capitalization of $153.33 billion, a PE ratio of 18.02, a PEG ratio of 1.95 and a beta of 0.84. The firm’s fifty day moving average is $101.27 and its 200 day moving average is $97.38.

Philip Morris International (NYSE:PM) last released its earnings results on Monday, July 19th. The company reported $1.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.55 by $0.02. Philip Morris International had a negative return on equity of 91.56% and a net margin of 11.13%. The company had revenue of $7.84 billion for the quarter, compared to the consensus estimate of $7.71 billion. During the same period in the previous year, the business earned $1.29 earnings per share. Philip Morris International’s quarterly revenue was up 17.9% compared to the same quarter last year. As a group, equities analysts expect that Philip Morris International Inc. will post 6.07 earnings per share for the current fiscal year.

Philip Morris International declared that its board has initiated a stock repurchase plan on Friday, June 11th that permits the company to repurchase $7.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 14th. Shareholders of record on Wednesday, September 29th will be paid a dividend of $1.25 per share. This is a boost from Philip Morris International’s previous quarterly dividend of $1.20. This represents a $5.00 annualized dividend and a yield of 5.08%. The ex-dividend date is Tuesday, September 28th. Philip Morris International’s payout ratio is presently 92.84%.

In other Philip Morris International news, CEO Martin G. King sold 21,725 shares of the business’s stock in a transaction that occurred on Tuesday, July 27th. The stock was sold at an average price of $100.18, for a total transaction of $2,176,410.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.21% of the company’s stock.

Several brokerages have commented on PM. Deutsche Bank Aktiengesellschaft raised their target price on shares of Philip Morris International from $114.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, August 19th. Morgan Stanley reiterated a “buy” rating and set a $110.00 price target on shares of Philip Morris International in a research note on Friday, July 2nd. Piper Sandler upped their price target on shares of Philip Morris International from $111.00 to $114.00 and gave the stock an “overweight” rating in a research report on Friday, June 11th. TheStreet raised Philip Morris International from a “c+” rating to a “b” rating in a report on Tuesday, July 20th. Finally, Barclays set a $98.59 price target on Philip Morris International and gave the company an “overweight” rating in a research note on Friday, July 23rd. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $102.38.

About Philip Morris International

Philip Morris International, Inc is a holding company. It engages in manufacturing and sale of cigarettes, tobacco and nicotine-containing products. It operates through the following geographical segments: European Union, Eastern Europe, Middles East & Africa, South & Southeast Asia, East Asia & Australia and Latin America & Canada.

Further Reading: What is a good dividend yield?

Want to see what other hedge funds are holding PM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Philip Morris International Inc. (NYSE:PM).

Institutional Ownership by Quarter for Philip Morris International (NYSE:PM)

Receive News & Ratings for Philip Morris International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Philip Morris International and related companies with MarketBeat.com's FREE daily email newsletter.