Concorde Asset Management LLC Cuts Stock Position in Philip Morris International Inc. (NYSE:PM)

Concorde Asset Management LLC trimmed its position in shares of Philip Morris International Inc. (NYSE:PM) by 10.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,430 shares of the company’s stock after selling 291 shares during the quarter. Concorde Asset Management LLC’s holdings in Philip Morris International were worth $296,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. 49 Wealth Management LLC boosted its stake in Philip Morris International by 3.6% during the third quarter. 49 Wealth Management LLC now owns 2,432 shares of the company’s stock worth $295,000 after buying an additional 84 shares during the last quarter. Activest Wealth Management boosted its stake in Philip Morris International by 54.4% during the third quarter. Activest Wealth Management now owns 1,702 shares of the company’s stock worth $207,000 after buying an additional 600 shares during the last quarter. Smithfield Trust Co boosted its stake in Philip Morris International by 34.2% during the third quarter. Smithfield Trust Co now owns 12,615 shares of the company’s stock worth $1,525,000 after buying an additional 3,214 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Philip Morris International by 8.6% during the third quarter. Pacer Advisors Inc. now owns 561,293 shares of the company’s stock worth $68,141,000 after buying an additional 44,526 shares during the last quarter. Finally, Brown Capital Management LLC acquired a new position in Philip Morris International during the third quarter worth $215,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Werner Barth sold 7,500 shares of the stock in a transaction dated 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. This represents a 7.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Andre Calantzopoulos sold 101,918 shares of the stock in a transaction dated Wednesday, October 23rd. The shares were 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 owns 959,761 shares in the company, valued at approximately $124,624,965.85. The trade was a 9.60 % decrease in their position. The disclosure for this sale can be found here. 0.13% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PM shares. Barclays boosted their price objective on Philip Morris International from $145.00 to $155.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Bank of America upped their price target on Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upped their price target on Philip Morris International from $125.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. The Goldman Sachs Group upped their price target on Philip Morris International from $126.00 to $140.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Philip Morris International from $118.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Philip Morris International currently has an average rating of “Moderate Buy” and an average price target of $131.50.

Philip Morris International Trading Up 0.7 %

PM stock opened at $131.26 on Friday. The company has a market capitalization of $204.09 billion, a PE ratio of 20.83, a P/E/G ratio of 2.27 and a beta of 0.54. Philip Morris International Inc. has a 12-month low of $87.82 and a 12-month high of $134.15. The business’s fifty day moving average price is $124.68 and its 200 day moving average price is $114.39.

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

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 26th were issued a dividend of $1.35 per share. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. The ex-dividend date was Thursday, September 26th. This represents a $5.40 annualized dividend and a yield of 4.11%. Philip Morris International’s dividend payout ratio is 85.71%.

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.