Philip Morris International Inc. $PM Position Lessened by CIBC Asset Management Inc

CIBC Asset Management Inc reduced its stake in shares of Philip Morris International Inc. (NYSE:PM) by 4.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 359,835 shares of the company’s stock after selling 16,838 shares during the quarter. CIBC Asset Management Inc’s holdings in Philip Morris International were worth $65,535,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Philip Morris International by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 142,857,055 shares of the company’s stock worth $26,018,555,000 after acquiring an additional 2,235,380 shares during the period. State Street Corp grew its position in Philip Morris International by 1.6% in the 2nd quarter. State Street Corp now owns 55,831,655 shares of the company’s stock worth $10,243,429,000 after purchasing an additional 871,165 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Philip Morris International by 1.8% in the second quarter. Geode Capital Management LLC now owns 37,181,107 shares of the company’s stock valued at $6,760,346,000 after purchasing an additional 672,983 shares during the period. Wellington Management Group LLP increased its stake in shares of Philip Morris International by 26.4% in the first quarter. Wellington Management Group LLP now owns 21,840,422 shares of the company’s stock valued at $3,466,730,000 after purchasing an additional 4,563,632 shares during the period. Finally, WCM Investment Management LLC raised its holdings in shares of Philip Morris International by 24,968.0% during the second quarter. WCM Investment Management LLC now owns 11,275,606 shares of the company’s stock valued at $2,041,223,000 after buying an additional 11,230,626 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors.

Philip Morris International Stock Performance

PM opened at $149.44 on Thursday. The company has a market capitalization of $232.63 billion, a PE ratio of 27.07, a P/E/G ratio of 1.79 and a beta of 0.42. The stock’s fifty day moving average is $153.74 and its 200-day moving average is $165.63. Philip Morris International Inc. has a one year low of $116.12 and a one year high of $186.69.

Philip Morris International (NYSE:PM) last released its earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share (EPS) for the quarter. Philip Morris International had a negative return on equity of 122.14% and a net margin of 9.33%.The firm had revenue of $8.12 billion for the quarter. On average, equities research analysts forecast that Philip Morris International Inc. will post 7.14 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Friday, October 3rd were paid a dividend of $1.47 per share. This is a boost from Philip Morris International’s previous quarterly dividend of $1.35. This represents a $5.88 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Friday, October 3rd. Philip Morris International’s dividend payout ratio (DPR) is currently 106.52%.

Analysts Set New Price Targets

Several research firms recently commented on PM. Barclays lowered their target price on Philip Morris International from $220.00 to $180.00 and set an “overweight” rating on the stock in a research report on Monday, November 17th. JPMorgan Chase & Co. decreased their price target on Philip Morris International from $190.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. Citigroup reissued a “buy” rating on shares of Philip Morris International in a report on Thursday, September 4th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Philip Morris International in a report on Wednesday, October 22nd. Finally, UBS Group decreased their target price on shares of Philip Morris International from $177.00 to $166.00 and set a “neutral” rating for the company in a research report on Friday, September 5th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $189.00.

Philip Morris International 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.