Cadence Capital Management LLC Sells 6,387 Shares of Philip Morris International Inc. (NYSE:PM)

Cadence Capital Management LLC decreased its holdings in Philip Morris International Inc. (NYSE:PM) by 11.9% in the first quarter, Holdings Channel reports. The fund owned 47,278 shares of the company’s stock after selling 6,387 shares during the period. Cadence Capital Management LLC’s holdings in Philip Morris International were worth $4,179,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. MERIAN GLOBAL INVESTORS UK Ltd increased its holdings in shares of Philip Morris International by 250.0% during the 1st quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 51,390 shares of the company’s stock worth $4,542,000 after buying an additional 36,707 shares during the last quarter. Associated Banc Corp increased its holdings in shares of Philip Morris International by 7.9% during the 1st quarter. Associated Banc Corp now owns 346,359 shares of the company’s stock worth $30,614,000 after buying an additional 25,251 shares during the last quarter. Miracle Mile Advisors LLC increased its holdings in shares of Philip Morris International by 10.2% during the 1st quarter. Miracle Mile Advisors LLC now owns 3,576 shares of the company’s stock worth $316,000 after buying an additional 331 shares during the last quarter. Certified Advisory Corp increased its holdings in shares of Philip Morris International by 29.5% during the 1st quarter. Certified Advisory Corp now owns 3,351 shares of the company’s stock worth $296,000 after buying an additional 764 shares during the last quarter. Finally, Adell Harriman & Carpenter Inc. acquired a new stake in shares of Philip Morris International during the 1st quarter worth approximately $222,000. Institutional investors own 73.52% of the company’s stock.

NYSE:PM opened at $77.20 on Friday. The company has a market cap of $120.71 billion, a P/E ratio of 15.14, a P/E/G ratio of 1.84 and a beta of 0.97. Philip Morris International Inc. has a fifty-two week low of $64.67 and a fifty-two week high of $92.74.

Philip Morris International (NYSE:PM) last posted its quarterly earnings data on Thursday, April 18th. The company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.10. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.76 billion. Philip Morris International had a net margin of 9.74% and a negative return on equity of 78.74%. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the company posted $1.00 EPS. As a group, analysts expect that Philip Morris International Inc. will post 5.14 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 10th. Investors of record on Friday, June 21st will be given a dividend of $1.14 per share. The ex-dividend date of this dividend is Thursday, June 20th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 5.91%. Philip Morris International’s payout ratio is currently 89.41%.

In other Philip Morris International news, Director Louis C. Camilleri sold 70,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $83.54, for a total value of $5,847,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael R. Kunst purchased 2,500 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was acquired at an average cost of $84.67 per share, with a total value of $211,675.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 4,000 shares of company stock valued at $331,705 in the last ninety days. 0.21% of the stock is currently owned by corporate insiders.

A number of analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Philip Morris International from $90.00 to $102.00 and gave the stock a “buy” rating in a report on Monday, March 25th. Zacks Investment Research upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating and set a $96.00 price target for the company in a report on Thursday, April 4th. Societe Generale upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating in a report on Tuesday, May 7th. Bank of America upgraded shares of Philip Morris International from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $81.00 to $94.00 in a report on Friday, May 17th. Finally, Barclays upgraded shares of Philip Morris International from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $67.00 to $82.00 in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. Philip Morris International presently has an average rating of “Hold” and an average target price of $92.57.

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Philip Morris International Profile

Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.

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

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