Bank of New York Mellon Corp Has $2.39 Billion Stock Position in Philip Morris International Inc. (NYSE:PM)

Bank of New York Mellon Corp trimmed its position in shares of Philip Morris International Inc. (NYSE:PM) by 6.4% during the first quarter, HoldingsChannel reports. The institutional investor owned 15,042,511 shares of the company’s stock after selling 1,027,971 shares during the period. Bank of New York Mellon Corp’s holdings in Philip Morris International were worth $2,387,698,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Pacifica Partners Inc. boosted its holdings in shares of Philip Morris International by 115.0% during the 1st quarter. Pacifica Partners Inc. now owns 215 shares of the company’s stock valued at $35,000 after acquiring an additional 115 shares in the last quarter. Redmont Wealth Advisors LLC acquired a new stake in shares of Philip Morris International during the first quarter valued at about $35,000. Inlight Wealth Management LLC acquired a new stake in Philip Morris International during the 1st quarter worth approximately $38,000. Ameriflex Group Inc. acquired a new position in shares of Philip Morris International during the fourth quarter worth $36,000. Finally, Knuff & Co LLC acquired a new position in shares of Philip Morris International during the fourth quarter worth $36,000. Institutional investors and hedge funds own 78.63% of the company’s stock.

Philip Morris International Trading Up 1.8%

Shares of NYSE PM opened at $179.00 on Friday. The firm’s 50-day moving average price is $177.14 and its 200-day moving average price is $154.59. Philip Morris International Inc. has a 1-year low of $100.80 and a 1-year high of $186.69. The firm has a market capitalization of $278.62 billion, a P/E ratio of 36.91, a P/E/G ratio of 2.59 and a beta of 0.51.

Philip Morris International (NYSE:PM) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.08. Philip Morris International had a negative return on equity of 122.40% and a net margin of 8.43%. The business had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.10 billion. During the same period in the prior year, the business earned $1.50 EPS. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities research analysts forecast that Philip Morris International Inc. will post 7.14 EPS for the current year.

Philip Morris International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 27th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Friday, June 27th. Philip Morris International’s payout ratio is 111.34%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. UBS Group upgraded shares of Philip Morris International from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $130.00 to $170.00 in a report on Friday, April 25th. Morgan Stanley reaffirmed an “overweight” rating and set a $182.00 target price (up from $156.00) on shares of Philip Morris International in a report on Thursday, April 24th. Barclays restated an “overweight” rating and issued a $220.00 price target (up previously from $205.00) on shares of Philip Morris International in a research report on Friday, June 13th. Wall Street Zen upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Finally, Stifel Nicolaus boosted their price objective on Philip Morris International from $168.00 to $186.00 and gave the company a “buy” rating in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Philip Morris International presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.80.

Philip Morris International Company 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.