CNB Bank Reduces Position in Philip Morris International Inc. (NYSE:PM)

CNB Bank trimmed its stake in Philip Morris International Inc. (NYSE:PM) by 10.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 11,302 shares of the company’s stock after selling 1,361 shares during the period. CNB Bank’s holdings in Philip Morris International were worth $1,372,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PM. Vanguard Group Inc. raised its holdings in shares of Philip Morris International by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 136,556,344 shares of the company’s stock worth $12,511,292,000 after acquiring an additional 481,636 shares in the last quarter. Capital World Investors increased its position in Philip Morris International by 1.5% in the first quarter. Capital World Investors now owns 111,247,656 shares of the company’s stock worth $10,192,510,000 after purchasing an additional 1,684,992 shares during the last quarter. Capital Research Global Investors raised its stake in Philip Morris International by 3.1% during the first quarter. Capital Research Global Investors now owns 60,217,039 shares of the company’s stock valued at $5,517,085,000 after purchasing an additional 1,800,864 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Philip Morris International by 16.3% during the second quarter. Bank of New York Mellon Corp now owns 13,234,478 shares of the company’s stock valued at $1,341,050,000 after purchasing an additional 1,856,551 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its stake in shares of Philip Morris International by 7.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 10,655,948 shares of the company’s stock worth $1,079,767,000 after buying an additional 736,961 shares in the last quarter. Institutional investors own 78.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PM. Barclays raised their target price on shares of Philip Morris International from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, September 9th. StockNews.com upgraded Philip Morris International from a “hold” rating to a “buy” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on Philip Morris International from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. Bank of America boosted their price objective on Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Stifel Nicolaus increased their target price on Philip Morris International from $120.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $123.95.

Philip Morris International Stock Up 0.1 %

Shares of NYSE PM opened at $120.21 on Friday. The business’s 50 day moving average is $121.35 and its two-hundred day moving average is $108.50. Philip Morris International Inc. has a 52-week low of $87.23 and a 52-week high of $128.22. The firm has a market cap of $186.87 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 2.35 and a beta of 0.55.

Philip Morris International (NYSE:PM) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.02. Philip Morris International had a negative return on equity of 113.32% and a net margin of 9.41%. The business had revenue of $9.47 billion during the quarter, compared to analysts’ expectations of $9.19 billion. During the same quarter last year, the business posted $1.60 EPS. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. Analysts anticipate that Philip Morris International Inc. will post 6.45 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were issued a $1.35 dividend. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 4.49%. The ex-dividend date was Thursday, September 26th. Philip Morris International’s payout ratio is presently 105.47%.

Insider Activity at Philip Morris International

In other Philip Morris International news, insider Wilde Frederic De sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Philip Morris International news, insider Massimo Andolina sold 9,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $115.35, for a total value of $1,038,150.00. Following the completion of the sale, the insider now owns 85,629 shares of the company’s stock, valued at approximately $9,877,305.15. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wilde Frederic De sold 20,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $113.01, for a total transaction of $2,260,200.00. Following the transaction, the insider now owns 158,447 shares in the company, valued at $17,906,095.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.13% of the company’s stock.

About Philip Morris International

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.