Korea Investment CORP Buys 158,700 Shares of Philip Morris International Inc. (NYSE:PM)

Korea Investment CORP grew its stake in shares of Philip Morris International Inc. (NYSE:PM) by 295.9% during the second quarter, HoldingsChannel reports. The firm owned 212,340 shares of the company’s stock after purchasing an additional 158,700 shares during the quarter. Korea Investment CORP’s holdings in Philip Morris International were worth $21,045,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Commonwealth Equity Services LLC boosted its stake in shares of Philip Morris International by 0.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 471,235 shares of the company’s stock valued at $46,704,000 after purchasing an additional 2,074 shares in the last quarter. Great Lakes Advisors LLC boosted its stake in shares of Philip Morris International by 9.3% during the 2nd quarter. Great Lakes Advisors LLC now owns 772,217 shares of the company’s stock valued at $76,534,000 after purchasing an additional 65,603 shares in the last quarter. Merriman Wealth Management LLC boosted its stake in shares of Philip Morris International by 14.2% during the 2nd quarter. Merriman Wealth Management LLC now owns 5,670 shares of the company’s stock valued at $562,000 after purchasing an additional 705 shares in the last quarter. Berman Capital Advisors LLC lifted its position in Philip Morris International by 46.1% during the 2nd quarter. Berman Capital Advisors LLC now owns 3,395 shares of the company’s stock valued at $336,000 after acquiring an additional 1,071 shares during the period. Finally, Heritage Wealth Management LLC purchased a new position in Philip Morris International during the 2nd quarter valued at about $257,000. 75.05% of the stock is currently owned by hedge funds and other institutional investors.

PM opened at $101.82 on Friday. The firm has a 50 day moving average price of $101.18 and a 200-day moving average price of $97.12. Philip Morris International Inc. has a twelve month low of $68.93 and a twelve month high of $106.51. The stock has a market capitalization of $158.69 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 1.95 and a beta of 0.84.

Philip Morris International (NYSE:PM) last released its quarterly earnings data on Monday, July 19th. The company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.02. Philip Morris International had a net margin of 11.13% and a negative return on equity of 91.56%. The firm had revenue of $7.84 billion during the quarter, compared to analysts’ expectations of $7.71 billion. During the same period in the previous year, the company earned $1.29 earnings per share. The firm’s quarterly revenue was up 17.9% on a year-over-year basis. On average, equities analysts predict that Philip Morris International Inc. will post 6.07 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 14th. Stockholders of record on Wednesday, September 29th will be issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 4.91%. This is a boost from Philip Morris International’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Tuesday, September 28th. Philip Morris International’s payout ratio is presently 92.84%.

Philip Morris International announced that its Board of Directors has initiated a stock repurchase plan on Friday, June 11th that allows the company to buyback $7.00 billion in shares. This buyback authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

A number of research analysts recently issued reports on PM shares. Morgan Stanley reissued a “buy” rating and set a $110.00 price target on shares of Philip Morris International in a research report on Friday, July 2nd. TheStreet raised shares of Philip Morris International from a “c+” rating to a “b” rating in a research report on Tuesday, July 20th. Barclays set a $98.59 price target on shares of Philip Morris International and gave the company an “overweight” rating in a research report on Friday, July 23rd. Piper Sandler lifted their price target on shares of Philip Morris International from $111.00 to $114.00 and gave the company an “overweight” rating in a research report on Friday, June 11th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Philip Morris International from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, August 19th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Philip Morris International currently has an average rating of “Buy” and an average price target of $102.38.

In other news, CEO Martin G. King sold 21,725 shares of the business’s stock in a transaction that occurred on Tuesday, July 27th. The shares were sold at an average price of $100.18, for a total transaction of $2,176,410.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.21% of the stock is owned by insiders.

Philip Morris International Profile

Philip Morris International, Inc is a holding company. It engages in manufacturing and sale of cigarettes, tobacco and nicotine-containing products. It operates through the following geographical segments: European Union, Eastern Europe, Middles East & Africa, South & Southeast Asia, East Asia & Australia and Latin America & Canada.

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

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