Korea Investment CORP Sells 78,608 Shares of Philip Morris International Inc. (NYSE:PM)

Korea Investment CORP lessened its position in shares of Philip Morris International Inc. (NYSE:PM) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,242,845 shares of the company’s stock after selling 78,608 shares during the period. Korea Investment CORP owned about 0.08% of Philip Morris International worth $121,327,000 at the end of the most recent reporting period.

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

Philip Morris International Stock Up 0.3 %

PM stock traded up $0.31 during mid-day trading on Tuesday, reaching $92.69. 797,685 shares of the company traded hands, compared to its average volume of 4,259,970. The stock has a market cap of $143.89 billion, a price-to-earnings ratio of 17.95, a P/E/G ratio of 2.16 and a beta of 0.77. Philip Morris International Inc. has a fifty-two week low of $87.23 and a fifty-two week high of $105.62. The firm’s 50 day moving average price is $92.16 and its 200 day moving average price is $94.25.

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

Philip Morris International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Wednesday, September 27th were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 5.61%. The ex-dividend date was Tuesday, September 26th. This is an increase from Philip Morris International’s previous quarterly dividend of $1.27. Philip Morris International’s dividend payout ratio is 100.97%.

Analyst Ratings Changes

PM has been the subject of a number of recent analyst reports. Barclays decreased their target price on shares of Philip Morris International from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, September 21st. Morgan Stanley cut their price target on shares of 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 dropped their price objective on Philip Morris International from $116.00 to $112.00 and set a “buy” rating on the stock in a research note on Thursday, October 5th. StockNews.com initiated coverage on Philip Morris International in a report on Thursday, October 5th. They set a “hold” rating on the stock. Finally, Redburn Atlantic assumed coverage on shares of Philip Morris International in a research note on Thursday, November 16th. They issued a “neutral” rating and a $95.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Philip Morris International presently has an average rating of “Moderate Buy” and an average price target of $109.36.

Philip Morris International Profile

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.