Elgethun Capital Management Acquires New Holdings in Philip Morris International Inc. (NYSE:PM)

Elgethun Capital Management bought a new position in shares of Philip Morris International Inc. (NYSE:PM) in the second quarter, Holdings Channel reports. The firm bought 1,307 shares of the company’s stock, valued at approximately $128,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PM. Barrett & Company Inc. acquired a new position in shares of Philip Morris International during the first quarter worth approximately $32,000. Blume Capital Management Inc. acquired a new position in Philip Morris International during the 1st quarter valued at $36,000. Spotlight Asset Group Inc. bought a new stake in Philip Morris International in the 2nd quarter valued at $37,000. Altshuler Shaham Ltd acquired a new stake in Philip Morris International in the 1st quarter worth $40,000. Finally, Studio Investment Management LLC increased its holdings in shares of Philip Morris International by 33.8% during the 4th quarter. Studio Investment Management LLC now owns 428 shares of the company’s stock worth $43,000 after purchasing an additional 108 shares during the period. Institutional investors and hedge funds own 79.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PM shares. Morgan Stanley decreased their target price on Philip Morris International from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Monday, October 2nd. UBS Group lowered their price objective on Philip Morris International from $116.00 to $112.00 and set a “buy” rating on the stock in a research report on Thursday, October 5th. Jefferies Financial Group reduced their target price on Philip Morris International from $111.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, October 13th. Redburn Atlantic started coverage on shares of Philip Morris International in a report on Thursday, November 16th. They issued a “neutral” rating and a $95.00 price target on the stock. Finally, Bank of America dropped their price objective on shares of Philip Morris International from $118.00 to $111.00 in a research note on Friday, September 29th. One 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $109.36.

Philip Morris International Stock Performance

Philip Morris International stock traded up $0.07 during trading hours on Tuesday, hitting $92.45. 538,282 shares of the stock were exchanged, compared to its average volume of 4,258,645. Philip Morris International Inc. has a 12 month low of $87.23 and a 12 month high of $105.62. The business’s 50-day moving average is $92.16 and its two-hundred day moving average is $94.25. The stock has a market capitalization of $143.52 billion, a P/E ratio of 17.95, a P/E/G ratio of 2.16 and a beta of 0.77.

Philip Morris International (NYSE:PM) last released its quarterly earnings results on Thursday, October 19th. The company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.05. The firm had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.21 billion. Philip Morris International had a negative return on equity of 129.48% and a net margin of 9.62%. The business’s revenue was up 13.8% on a year-over-year basis. During the same period last year, the firm posted $1.53 EPS. On average, equities analysts predict that Philip Morris International Inc. will post 6.16 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Wednesday, September 27th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Tuesday, September 26th. This represents a $5.20 dividend on an annualized basis and a yield of 5.62%. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.27. Philip Morris International’s dividend payout ratio is currently 100.97%.

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.