Welch & Forbes LLC Decreases Stock Position in Philip Morris International Inc. (NYSE:PM)

Posted by Defense World Staff on Jun 26th, 2023

Welch & Forbes LLC trimmed its holdings in shares of Philip Morris International Inc. (NYSE:PM – Get Rating) by 1.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,297 shares of the company’s stock after selling 475 shares during the quarter. Welch & Forbes LLC’s holdings in Philip Morris International were worth $2,752,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Riverpoint Wealth Management Holdings LLC bought a new position in Philip Morris International during the 4th quarter valued at about $25,000. Red Tortoise LLC purchased a new position in shares of Philip Morris International in the fourth quarter worth $29,000. Optiver Holding B.V. purchased a new position in shares of Philip Morris International in the fourth quarter worth $29,000. Winch Advisory Services LLC raised its holdings in shares of Philip Morris International by 200.0% in the fourth quarter. Winch Advisory Services LLC now owns 294 shares of the company’s stock worth $30,000 after buying an additional 196 shares during the last quarter. Finally, My Personal CFO LLC purchased a new position in shares of Philip Morris International during the fourth quarter worth $31,000. 77.43% of the stock is currently owned by hedge funds and other institutional investors.

Philip Morris International Stock Performance

PM opened at $96.30 on Monday. The company’s 50 day simple moving average is $94.73 and its 200 day simple moving average is $98.12. Philip Morris International Inc. has a 1 year low of $82.85 and a 1 year high of $105.62. The stock has a market capitalization of $149.48 billion, a PE ratio of 17.23, a P/E/G ratio of 2.44 and a beta of 0.68.

Philip Morris International (NYSE:PM – Get Rating) last announced its quarterly earnings results on Thursday, April 20th. The company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.34 by $0.04. Philip Morris International had a net margin of 10.80% and a negative return on equity of 128.55%. The firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.03 billion. During the same period in the previous year, the company posted $1.56 earnings per share. Philip Morris International’s revenue was up 4.6% compared to the same quarter last year. As a group, sell-side analysts expect that Philip Morris International Inc. will post 6.18 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 11th. Investors of record on Friday, June 23rd will be paid a $1.27 dividend. The ex-dividend date is Thursday, June 22nd. This represents a $5.08 dividend on an annualized basis and a dividend yield of 5.28%. Philip Morris International’s dividend payout ratio (DPR) is presently 90.88%.

Analyst Ratings Changes

Several analysts recently commented on PM shares. UBS Group upgraded shares of Philip Morris International from a “neutral” rating to a “buy” rating and raised their price target for the company from $106.00 to $116.00 in a research report on Wednesday, March 1st. JPMorgan Chase & Co. raised shares of Philip Morris International from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $109.00 to $116.00 in a research note on Thursday, March 30th. StockNews.com assumed coverage on shares of Philip Morris International in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Stifel Nicolaus assumed coverage on shares of Philip Morris International in a research note on Thursday, April 13th. They set a “buy” rating and a $114.00 target price on the stock. Finally, Citigroup raised shares of Philip Morris International from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $109.00 to $117.00 in a research note on Tuesday, June 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Philip Morris International currently has an average rating of “Moderate Buy” and a consensus price target of $111.40.

Philip Morris International Company Profile

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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 that are sold in markets outside the United States.