CNB Bank grew its stake in Philip Morris International Inc. (NYSE:PM) by 29.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 12,508 shares of the company’s stock after buying an additional 2,864 shares during the quarter. Philip Morris International makes up approximately 0.9% of CNB Bank’s portfolio, making the stock its 28th largest holding. CNB Bank’s holdings in Philip Morris International were worth $950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in PM. Flippin Bruce & Porter Inc. lifted its position in shares of Philip Morris International by 989.4% during the 3rd quarter. Flippin Bruce & Porter Inc. now owns 96,685 shares of the company’s stock worth $7,341,000 after purchasing an additional 87,810 shares during the last quarter. Pettyjohn Wood & White Inc. lifted its position in shares of Philip Morris International by 1.0% during the 3rd quarter. Pettyjohn Wood & White Inc. now owns 15,008 shares of the company’s stock worth $1,140,000 after purchasing an additional 150 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Philip Morris International by 10.9% during the 3rd quarter. First Trust Advisors LP now owns 1,766,825 shares of the company’s stock worth $134,155,000 after purchasing an additional 173,113 shares during the last quarter. Haverford Trust Co. lifted its position in shares of Philip Morris International by 0.4% during the 3rd quarter. Haverford Trust Co. now owns 525,448 shares of the company’s stock worth $39,897,000 after purchasing an additional 2,329 shares during the last quarter. Finally, Daiwa Securities Group Inc. lifted its position in shares of Philip Morris International by 77.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 151,177 shares of the company’s stock worth $11,479,000 after purchasing an additional 66,186 shares during the last quarter. 74.17% of the stock is owned by institutional investors.

PM traded up $1.32 on Friday, hitting $83.57. 5,287,597 shares of the stock traded hands, compared to its average volume of 5,853,548. Philip Morris International Inc. has a 52 week low of $64.67 and a 52 week high of $92.74. The firm has a market capitalization of $131.00 billion, a PE ratio of 16.39, a P/E/G ratio of 2.05 and a beta of 1.00. The business has a fifty day moving average price of $78.81 and a two-hundred day moving average price of $80.34.

Philip Morris International (NYSE:PM) last issued its quarterly earnings results on Thursday, October 17th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.08. Philip Morris International had a negative return on equity of 82.33% and a net margin of 9.59%. The firm had revenue of $7.64 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period in the previous year, the company posted $1.44 earnings per share. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, research analysts forecast that Philip Morris International Inc. will post 5.23 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Wednesday, September 25th were paid a dividend of $1.17 per share. This represents a $4.68 annualized dividend and a yield of 5.60%. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend was Tuesday, September 24th. Philip Morris International’s payout ratio is currently 91.76%.

Several equities analysts recently weighed in on the company. Cowen reissued a “hold” rating on shares of Philip Morris International in a research report on Thursday, September 12th. Barclays raised Philip Morris International from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $82.00 to $100.00 in a research report on Friday, July 19th. Wells Fargo & Co cut their price objective on Philip Morris International from $102.00 to $100.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Citigroup cut their price objective on Philip Morris International from $110.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, JPMorgan Chase & Co. set a $86.00 price objective on Philip Morris International and gave the stock a “neutral” rating in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $92.27.

Philip Morris International Profile

Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.

Read More: What is Green Investing?

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.