Covington Capital Management Grows Stake in Philip Morris International Inc. (PM)

Covington Capital Management raised its position in shares of Philip Morris International Inc. (NYSE:PM) by 5.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,426 shares of the company’s stock after acquiring an additional 2,211 shares during the quarter. Covington Capital Management’s holdings in Philip Morris International were worth $4,271,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. NewSquare Capital LLC raised its holdings in shares of Philip Morris International by 6,572.3% during the third quarter. NewSquare Capital LLC now owns 101,753 shares of the company’s stock valued at $116,000 after purchasing an additional 100,228 shares during the period. Front Row Advisors LLC acquired a new position in shares of Philip Morris International during the fourth quarter valued at about $118,000. Wolverine Asset Management LLC acquired a new position in shares of Philip Morris International during the fourth quarter valued at about $126,000. Cerebellum GP LLC acquired a new position in shares of Philip Morris International during the fourth quarter valued at about $128,000. Finally, Independence Bank of Kentucky acquired a new position in shares of Philip Morris International during the fourth quarter valued at about $129,000. 72.18% of the stock is currently owned by institutional investors and hedge funds.

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In other news, insider Marc S. Firestone sold 13,650 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $104.63, for a total transaction of $1,428,199.50. Following the completion of the transaction, the insider now directly owns 189,199 shares of the company’s stock, valued at approximately $19,795,891.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Andre Calantzopoulos sold 49,000 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $103.66, for a total transaction of $5,079,340.00. Following the transaction, the chief executive officer now directly owns 792,765 shares of the company’s stock, valued at $82,178,019.90. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.

Several brokerages have recently weighed in on PM. Piper Jaffray reiterated an “overweight” rating and set a $137.00 price objective (up previously from $130.00) on shares of Philip Morris International in a report on Thursday, January 11th. Zacks Investment Research lowered shares of Philip Morris International from a “hold” rating to a “sell” rating in a report on Wednesday, April 11th. TheStreet lowered shares of Philip Morris International from a “b-” rating to a “c+” rating in a report on Tuesday, March 20th. Citigroup dropped their price objective on shares of Philip Morris International from $117.00 to $114.00 and set a “neutral” rating on the stock in a report on Tuesday, January 16th. Finally, Jefferies Group upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating and set a $124.00 target price on the stock in a report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $123.50.

PM opened at $102.95 on Tuesday. The company has a current ratio of 1.35, a quick ratio of 0.80 and a debt-to-equity ratio of -3.06. Philip Morris International Inc. has a fifty-two week low of $95.51 and a fifty-two week high of $123.55. The stock has a market capitalization of $158,196.47, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 1.90 and a beta of 0.86.

Philip Morris International (NYSE:PM) last posted its earnings results on Thursday, February 8th. The company reported $1.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.35 by ($0.04). The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $8.17 billion. Philip Morris International had a negative return on equity of 71.99% and a net margin of 7.73%. The company’s revenue was up 19.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.10 EPS. equities analysts forecast that Philip Morris International Inc. will post 5.28 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 11th. Shareholders of record on Thursday, March 22nd were paid a $1.07 dividend. The ex-dividend date of this dividend was Wednesday, March 21st. This represents a $4.28 annualized dividend and a yield of 4.16%. Philip Morris International’s dividend payout ratio (DPR) is 86.82%.

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Philip Morris International Company Profile

Philip Morris International Inc is a holding company. The Company is engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. Its segments include European Union (EU); Eastern Europe, Middle East & Africa (EEMA); Asia, and Latin America & Canada.

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

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