Morgan Stanley Cuts Philip Morris International (NYSE:PM) Price Target to $86.00
Philip Morris International (NYSE:PM) had its price target reduced by Morgan Stanley from $94.00 to $86.00 in a research report sent to investors on Friday, BenzingaRatingsTable reports. They currently have an overweight rating on the stock.
A number of other brokerages have also recently commented on PM. Citigroup upped their price target on Philip Morris International from $90.00 to $102.00 and gave the company a buy rating in a research report on Monday, March 25th. Zacks Investment Research raised Investors Real Estate Trust Reit from a sell rating to a hold rating in a research report on Thursday, May 23rd. Barclays reaffirmed a sell rating on shares of Royal Bank of Canada in a research report on Thursday, May 23rd. Bank of America set a $120.00 price objective on Walmart and gave the company a buy rating in a research note on Friday, May 17th. Finally, ValuEngine lowered Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $92.00.
PM stock opened at $81.47 on Friday. The stock has a fifty day simple moving average of $78.90. Philip Morris International has a 1-year low of $64.67 and a 1-year high of $92.74. The stock has a market capitalization of $127.16 billion, a PE ratio of 15.97, a P/E/G ratio of 2.07 and a beta of 0.96.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Friday, June 21st were paid a $1.14 dividend. The ex-dividend date was Thursday, June 20th. This represents a $4.56 dividend on an annualized basis and a yield of 5.60%. Philip Morris International’s dividend payout ratio is currently 89.41%.
In other Philip Morris International news, VP Michael R. Kunst bought 1,000 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were acquired at an average cost of $79.66 per share, for a total transaction of $79,660.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mario Masseroli sold 1,200 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $84.32, for a total value of $101,184.00. The disclosure for this sale can be found here. Insiders acquired a total of 4,000 shares of company stock worth $331,705 over the last 90 days. Corporate insiders own 0.21% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in PM. Geode Capital Management LLC boosted its holdings in shares of Philip Morris International by 7.4% in the 4th quarter. Geode Capital Management LLC now owns 18,724,587 shares of the company’s stock worth $1,247,824,000 after purchasing an additional 1,298,116 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Philip Morris International by 50.5% in the 4th quarter. Deutsche Bank AG now owns 11,054,233 shares of the company’s stock worth $737,970,000 after purchasing an additional 3,710,763 shares in the last quarter. Veritas Asset Management LLP boosted its holdings in shares of Philip Morris International by 1.2% in the 1st quarter. Veritas Asset Management LLP now owns 6,548,888 shares of the company’s stock worth $578,856,000 after purchasing an additional 80,375 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Philip Morris International by 1.1% in the 4th quarter. Legal & General Group Plc now owns 6,532,959 shares of the company’s stock worth $436,140,000 after purchasing an additional 72,203 shares in the last quarter. Finally, American International Group Inc. boosted its holdings in shares of Philip Morris International by 12.0% in the 4th quarter. American International Group Inc. now owns 5,331,441 shares of the company’s stock worth $355,927,000 after purchasing an additional 570,889 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.
About Philip Morris International
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.
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