Kovitz Investment Group Partners LLC Cuts Holdings in Philip Morris International Inc. (NYSE:PM)

Kovitz Investment Group Partners LLC reduced its position in Philip Morris International Inc. (NYSE:PM) by 24.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,154,755 shares of the company’s stock after selling 379,515 shares during the period. Philip Morris International accounts for about 0.9% of Kovitz Investment Group Partners LLC’s investment portfolio, making the stock its 28th biggest position. Kovitz Investment Group Partners LLC owned about 0.07% of Philip Morris International worth $136,336,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. increased its holdings in shares of Philip Morris International by 457.5% in the 3rd quarter. Valley Wealth Managers Inc. now owns 223 shares of the company’s stock worth $27,000 after buying an additional 183 shares during the last quarter. Iron Horse Wealth Management LLC grew its position in Philip Morris International by 684.4% in the second quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company’s stock worth $25,000 after acquiring an additional 219 shares in the last quarter. Sachetta LLC increased its stake in Philip Morris International by 64.8% during the second quarter. Sachetta LLC now owns 267 shares of the company’s stock worth $27,000 after acquiring an additional 105 shares during the last quarter. Concord Wealth Partners increased its stake in Philip Morris International by 2,709.1% during the third quarter. Concord Wealth Partners now owns 309 shares of the company’s stock worth $38,000 after acquiring an additional 298 shares during the last quarter. Finally, Hobbs Group Advisors LLC purchased a new stake in Philip Morris International during the second quarter valued at approximately $42,000. 78.63% of the stock is owned by institutional investors.

Insider Transactions at Philip Morris International

In related news, insider Werner Barth sold 7,500 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $129.98, for a total value of $974,850.00. Following the completion of the transaction, the insider now directly owns 95,418 shares in the company, valued at $12,402,431.64. The trade was a 7.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Andre Calantzopoulos sold 101,918 shares of the firm’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $129.85, for a total transaction of $13,234,052.30. Following the sale, the chairman now owns 959,761 shares in the company, valued at approximately $124,624,965.85. This represents a 9.60 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.13% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on PM shares. Deutsche Bank Aktiengesellschaft increased their target price on shares of Philip Morris International from $118.00 to $135.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. The Goldman Sachs Group increased their price objective on shares of Philip Morris International from $126.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Stifel Nicolaus restated a “buy” rating and set a $145.00 target price (up previously from $138.00) on shares of Philip Morris International in a research report on Wednesday, October 23rd. UBS Group increased their price target on Philip Morris International from $103.00 to $105.00 and gave the stock a “sell” rating in a report on Wednesday, October 23rd. Finally, Bank of America boosted their price objective on Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $131.50.

Philip Morris International Stock Performance

Shares of NYSE PM opened at $132.49 on Friday. Philip Morris International Inc. has a fifty-two week low of $87.82 and a fifty-two week high of $134.15. The company has a market cap of $206.00 billion, a PE ratio of 21.03, a P/E/G ratio of 2.27 and a beta of 0.53. The business has a 50-day simple moving average of $126.52 and a two-hundred day simple moving average of $116.62.

Philip Morris International (NYSE:PM) last posted its quarterly earnings results on Tuesday, October 22nd. The company reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.09. The business had revenue of $9.91 billion during the quarter, compared to analysts’ expectations of $9.68 billion. Philip Morris International had a net margin of 10.35% and a negative return on equity of 117.94%. The business’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $1.67 earnings per share. On average, sell-side analysts predict that Philip Morris International Inc. will post 6.51 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were issued a $1.35 dividend. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend was Thursday, September 26th. Philip Morris International’s dividend payout ratio is 85.71%.

Philip Morris International Company 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.