Convergence Investment Partners LLC Boosts Position in Philip Morris International Inc. (NYSE:PM)

Share on StockTwits

Convergence Investment Partners LLC grew its holdings in shares of Philip Morris International Inc. (NYSE:PM) by 13.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,044 shares of the company’s stock after purchasing an additional 1,963 shares during the quarter. Convergence Investment Partners LLC’s holdings in Philip Morris International were worth $1,124,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital World Investors boosted its holdings in shares of Philip Morris International by 24.0% in the first quarter. Capital World Investors now owns 90,972,989 shares of the company’s stock worth $6,637,389,000 after buying an additional 17,583,436 shares during the last quarter. Capital International Investors boosted its stake in shares of Philip Morris International by 19.9% during the 1st quarter. Capital International Investors now owns 43,979,756 shares of the company’s stock worth $3,208,763,000 after acquiring an additional 7,299,147 shares during the last quarter. Morgan Stanley grew its position in shares of Philip Morris International by 8.4% during the 1st quarter. Morgan Stanley now owns 42,365,463 shares of the company’s stock valued at $3,090,983,000 after acquiring an additional 3,285,330 shares during the period. Franklin Resources Inc. increased its stake in shares of Philip Morris International by 164.9% in the 1st quarter. Franklin Resources Inc. now owns 4,912,575 shares of the company’s stock worth $358,421,000 after purchasing an additional 3,057,886 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Philip Morris International by 10.3% in the 1st quarter. Wellington Management Group LLP now owns 23,576,019 shares of the company’s stock worth $1,720,107,000 after purchasing an additional 2,198,897 shares in the last quarter. 74.56% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:PM traded down $0.64 during midday trading on Friday, reaching $76.81. 4,990,449 shares of the company were exchanged, compared to its average volume of 4,897,424. The stock has a market cap of $120.60 billion, a PE ratio of 16.41, a price-to-earnings-growth ratio of 2.34 and a beta of 0.76. The business’s fifty day moving average is $72.98 and its two-hundred day moving average is $76.82. Philip Morris International Inc. has a one year low of $56.01 and a one year high of $90.17.

Philip Morris International (NYSE:PM) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $1.29 EPS for the quarter, topping the consensus estimate of $1.10 by $0.19. The business had revenue of $6.65 billion for the quarter, compared to analysts’ expectations of $6.54 billion. Philip Morris International had a net margin of 9.54% and a negative return on equity of 80.24%. The business’s quarterly revenue was down 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.46 EPS. As a group, sell-side analysts forecast that Philip Morris International Inc. will post 5.02 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Monday, June 22nd were paid a dividend of $1.17 per share. This represents a $4.68 dividend on an annualized basis and a yield of 6.09%. The ex-dividend date of this dividend was Friday, June 19th. Philip Morris International’s payout ratio is presently 90.17%.

PM has been the subject of several recent research reports. Panmure Gordon raised Philip Morris International from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a report on Friday, April 3rd. Stifel Nicolaus boosted their price objective on Philip Morris International from $85.00 to $90.00 in a research note on Wednesday, July 22nd. ValuEngine upgraded shares of Philip Morris International from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. UBS Group upped their price target on shares of Philip Morris International from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Zacks Investment Research cut shares of Philip Morris International from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $90.21.

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.

Read More: Technical Indicators – What is a Golden Cross?

Want to see what other hedge funds are holding PM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Philip Morris International Inc. (NYSE:PM).

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

Receive News & Ratings for Philip Morris International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Philip Morris International and related companies with MarketBeat.com's FREE daily email newsletter.