Manning & Napier Advisors LLC Invests $155.37 Million in Philip Morris International Inc. (NYSE:PM)

Manning & Napier Advisors LLC acquired a new stake in Philip Morris International Inc. (NYSE:PM) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,533,340 shares of the company’s stock, valued at approximately $155,373,000. Philip Morris International accounts for 1.8% of Manning & Napier Advisors LLC’s holdings, making the stock its 16th biggest holding. Manning & Napier Advisors LLC owned approximately 0.10% of Philip Morris International at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Kessler Investment Group LLC acquired a new stake in shares of Philip Morris International in the first quarter valued at $25,000. Boyd Watterson Asset Management LLC OH raised its position in Philip Morris International by 250.0% in the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 230 shares in the last quarter. Fortitude Family Office LLC boosted its stake in shares of Philip Morris International by 57.4% in the 2nd quarter. Fortitude Family Office LLC now owns 318 shares of the company’s stock valued at $32,000 after buying an additional 116 shares during the period. Tennessee Valley Asset Management Partners acquired a new position in shares of Philip Morris International during the fourth quarter worth about $33,000. Finally, Northwest Financial Advisors purchased a new stake in shares of Philip Morris International during the fourth quarter worth approximately $33,000. 78.63% of the stock is currently owned by hedge funds and other institutional investors.

Philip Morris International Stock Performance

NYSE PM traded down $0.28 on Friday, reaching $116.01. The stock had a trading volume of 3,814,624 shares, compared to its average volume of 5,408,644. The stock has a market cap of $180.34 billion, a P/E ratio of 22.71, a price-to-earnings-growth ratio of 2.35 and a beta of 0.58. The business’s 50-day moving average price is $106.06 and its 200 day moving average price is $97.84. Philip Morris International Inc. has a 12-month low of $87.23 and a 12-month high of $119.06.

Philip Morris International (NYSE:PM) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.02. Philip Morris International had a net margin of 9.41% and a negative return on equity of 113.32%. The company had revenue of $9.47 billion for the quarter, compared to the consensus estimate of $9.19 billion. During the same period last year, the firm posted $1.60 EPS. Philip Morris International’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, sell-side analysts predict that Philip Morris International Inc. will post 6.41 earnings per share for the current year.

Philip Morris International Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Friday, June 21st were given a dividend of $1.30 per share. The ex-dividend date was Friday, June 21st. This represents a $5.20 dividend on an annualized basis and a yield of 4.48%. Philip Morris International’s payout ratio is 101.56%.

Insider Buying and Selling at Philip Morris International

In other news, insider Wilde Frederic De sold 20,000 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $113.01, for a total value of $2,260,200.00. Following the completion of the sale, the insider now owns 158,447 shares in the company, valued at approximately $17,906,095.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.13% of the company’s stock.

Wall Street Analyst Weigh In

PM has been the subject of a number of recent research reports. StockNews.com upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Philip Morris International from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, July 25th. Bank of America increased their target price on Philip Morris International from $110.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft raised their price target on Philip Morris International from $116.00 to $118.00 and gave the company a “buy” rating in a research note on Thursday, July 25th. Finally, Stifel Nicolaus upped their price objective on Philip Morris International from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $107.80.

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.