Pinnacle Associates Ltd. Grows Stake in Philip Morris International Inc. (NYSE:PM)

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Pinnacle Associates Ltd. grew its holdings in Philip Morris International Inc. (NYSE:PM) by 0.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 66,625 shares of the company’s stock after buying an additional 183 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Philip Morris International were worth $5,232,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PM. Dimensional Fund Advisors LP increased its holdings in Philip Morris International by 6.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,903,052 shares of the company’s stock valued at $193,823,000 after buying an additional 183,239 shares during the period. Legacy Advisors LLC boosted its stake in shares of Philip Morris International by 12.4% in the 1st quarter. Legacy Advisors LLC now owns 3,526 shares of the company’s stock valued at $312,000 after purchasing an additional 388 shares in the last quarter. CHICAGO TRUST Co NA boosted its stake in shares of Philip Morris International by 2.6% in the 1st quarter. CHICAGO TRUST Co NA now owns 44,406 shares of the company’s stock valued at $3,925,000 after purchasing an additional 1,129 shares in the last quarter. 6 Meridian acquired a new stake in shares of Philip Morris International in the 1st quarter valued at $573,000. Finally, Union Bankshares Corp boosted its stake in shares of Philip Morris International by 14.1% in the 1st quarter. Union Bankshares Corp now owns 42,114 shares of the company’s stock valued at $3,723,000 after purchasing an additional 5,195 shares in the last quarter. Institutional investors and hedge funds own 74.33% of the company’s stock.

Several equities research analysts have recently commented on PM shares. Barclays upgraded shares of Philip Morris International from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $82.00 to $100.00 in a research note on Friday, July 19th. Morgan Stanley reduced their price target on shares of Philip Morris International from $94.00 to $86.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Bank of America upgraded shares of Philip Morris International from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $81.00 to $94.00 in a research report on Friday, May 17th. Societe Generale upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating in a research report on Tuesday, May 7th. Finally, Wells Fargo & Co set a $102.00 price target on shares of Philip Morris International and gave the stock a “buy” rating in a research report on Friday, July 19th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. Philip Morris International presently has a consensus rating of “Hold” and an average target price of $93.92.

In other Philip Morris International news, insider Mario Masseroli sold 1,100 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $87.42, for a total transaction of $96,162.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael R. Kunst acquired 500 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were purchased at an average cost of $80.74 per share, with a total value of $40,370.00. The disclosure for this purchase can be found here. Insiders own 0.21% of the company’s stock.

NYSE PM traded down $0.61 on Wednesday, hitting $82.39. 726,038 shares of the company were exchanged, compared to its average volume of 4,786,219. The firm has a 50 day moving average of $83.37 and a two-hundred day moving average of $83.63. The company has a market cap of $132.11 billion, a P/E ratio of 16.15, a P/E/G ratio of 2.08 and a beta of 0.96. Philip Morris International Inc. has a 1-year low of $64.67 and a 1-year high of $92.74.

Philip Morris International (NYSE:PM) last issued its quarterly earnings results on Thursday, July 18th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.33 by $0.13. The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.42 billion. Philip Morris International had a net margin of 10.03% and a negative return on equity of 80.96%. The firm’s quarterly revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 EPS. On average, analysts expect that Philip Morris International Inc. will post 5.21 EPS for the current fiscal year.

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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Institutional Ownership by Quarter for Philip Morris International (NYSE:PM)

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