Pinnacle Bank Sells 890 Shares of Philip Morris International Inc. (PM)

Pinnacle Bank reduced its holdings in Philip Morris International Inc. (NYSE:PM) by 16.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 4,549 shares of the company’s stock after selling 890 shares during the period. Pinnacle Bank’s holdings in Philip Morris International were worth $402,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in Philip Morris International by 266,796.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 16,985,289 shares of the company’s stock valued at $1,384,981,000 after buying an additional 16,978,925 shares in the last quarter. CI Investments Inc. lifted its holdings in Philip Morris International by 27.5% during the 3rd quarter. CI Investments Inc. now owns 299,454 shares of the company’s stock valued at $24,417,000 after buying an additional 64,508 shares in the last quarter. Man Group plc lifted its holdings in Philip Morris International by 44.6% during the 3rd quarter. Man Group plc now owns 233,667 shares of the company’s stock valued at $19,054,000 after buying an additional 72,054 shares in the last quarter. Putnam Investments LLC lifted its holdings in Philip Morris International by 16.2% during the 3rd quarter. Putnam Investments LLC now owns 23,441 shares of the company’s stock valued at $1,911,000 after buying an additional 3,262 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in Philip Morris International by 25.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 181,402 shares of the company’s stock valued at $14,791,000 after buying an additional 36,357 shares in the last quarter. 73.53% of the stock is owned by institutional investors and hedge funds.

PM opened at $85.48 on Thursday. Philip Morris International Inc. has a 1 year low of $64.67 and a 1 year high of $103.11. The firm has a market capitalization of $134.09 billion, a P/E ratio of 16.76, a PEG ratio of 1.93 and a beta of 0.95.

Philip Morris International (NYSE:PM) last posted its earnings results on Thursday, February 7th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.09. Philip Morris International had a net margin of 9.90% and a negative return on equity of 76.82%. The firm had revenue of $7.50 billion during the quarter, compared to analysts’ expectations of $7.46 billion. During the same period in the previous year, the business posted $1.32 EPS. The business’s revenue was down 9.6% compared to the same quarter last year. Research analysts anticipate that Philip Morris International Inc. will post 5.26 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Tuesday, March 26th were paid a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 5.33%. The ex-dividend date was Monday, March 25th. Philip Morris International’s dividend payout ratio is currently 89.41%.

In related news, CEO Andre Calantzopoulos sold 50,000 shares of the business’s stock in a transaction on Thursday, February 21st. The shares were sold at an average price of $84.76, for a total value of $4,238,000.00. Following the completion of the transaction, the chief executive officer now directly owns 844,901 shares in the company, valued at approximately $71,613,808.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.21% of the company’s stock.

PM has been the topic of a number of research reports. Piper Jaffray Companies reissued an “overweight” rating and set a $110.00 target price (down previously from $111.25) on shares of Philip Morris International in a research report on Friday, December 28th. ValuEngine raised shares of Philip Morris International from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. UBS Group raised shares of Philip Morris International from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $86.00 to $101.00 in a research report on Wednesday, February 27th. Jefferies Financial Group reissued a “hold” rating and set a $80.00 target price on shares of Philip Morris International in a research report on Sunday, February 10th. Finally, Morgan Stanley decreased their price objective on shares of Philip Morris International from $102.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, January 8th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Philip Morris International presently has an average rating of “Hold” and an average price target of $92.43.

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About Philip Morris International

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.

Further Reading: Fiduciary

Want to see what other hedge funds are holding PM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Philip Morris International Inc. (NYSE:PM).

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

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