Cullinan Associates Inc. Purchases 11,856 Shares of Philip Morris International Inc. (NYSE:PM)

Posted by Brian Himes on Mar 19th, 2023

Cullinan Associates Inc. grew its position in Philip Morris International Inc. (NYSE:PM – Get Rating) by 33.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,809 shares of the company’s stock after purchasing an additional 11,856 shares during the period. Cullinan Associates Inc.’s holdings in Philip Morris International were worth $4,839,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PM. Vanguard Group Inc. increased its position in shares of Philip Morris International by 1.1% in the third quarter. Vanguard Group Inc. now owns 132,480,611 shares of the company’s stock valued at $10,997,216,000 after acquiring an additional 1,451,582 shares during the last quarter. BlackRock Inc. increased its position in shares of Philip Morris International by 1.0% in the third quarter. BlackRock Inc. now owns 100,951,462 shares of the company’s stock valued at $8,379,979,000 after acquiring an additional 962,801 shares during the last quarter. State Street Corp increased its position in shares of Philip Morris International by 0.7% in the third quarter. State Street Corp now owns 57,777,797 shares of the company’s stock valued at $4,868,937,000 after acquiring an additional 389,746 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Philip Morris International by 22.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 35,468,228 shares of the company’s stock valued at $2,944,500,000 after acquiring an additional 6,558,762 shares during the last quarter. Finally, GQG Partners LLC increased its position in shares of Philip Morris International by 1.6% in the second quarter. GQG Partners LLC now owns 30,443,730 shares of the company’s stock valued at $3,006,398,000 after acquiring an additional 476,875 shares during the last quarter. 75.85% of the stock is currently owned by institutional investors.

Philip Morris International Trading Down 0.6 %

Philip Morris International stock opened at $94.79 on Friday. Philip Morris International Inc. has a 12 month low of $82.85 and a 12 month high of $109.81. The stock’s 50 day moving average is $100.69 and its 200-day moving average is $96.75. The company has a market capitalization of $146.95 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 3.03 and a beta of 0.69.

Philip Morris International (NYSE:PM – Get Rating) last posted its earnings results on Thursday, February 9th. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.29 by $0.10. Philip Morris International had a negative return on equity of 127.24% and a net margin of 11.22%. The company had revenue of $8.15 billion for the quarter, compared to the consensus estimate of $7.54 billion. During the same quarter in the prior year, the business earned $1.35 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, equities research analysts predict that Philip Morris International Inc. will post 6.29 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 11th. Stockholders of record on Thursday, March 23rd will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 5.36%. The ex-dividend date of this dividend is Wednesday, March 22nd. Philip Morris International’s payout ratio is 87.44%.

Insider Activity

In related news, insider Stacey Kennedy sold 8,756 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $101.31, for a total value of $887,070.36. Following the completion of the sale, the insider now directly owns 47,731 shares in the company, valued at $4,835,627.61. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, insider Stacey Kennedy sold 8,756 shares of the business’s stock in a transaction that occurred on Friday, February 10th. The stock was sold at an average price of $101.31, for a total value of $887,070.36. Following the completion of the sale, the insider now directly owns 47,731 shares in the company, valued at $4,835,627.61. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Andre Calantzopoulos sold 80,000 shares of the business’s stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $100.35, for a total value of $8,028,000.00. Following the completion of the sale, the chairman now owns 1,007,048 shares of the company’s stock, valued at $101,057,266.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 117,064 shares of company stock valued at $11,738,763. 0.13% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Jefferies Financial Group raised Philip Morris International from a “hold” rating to a “buy” rating and lifted their target price for the company from $86.00 to $118.00 in a research report on Thursday, January 19th. StockNews.com assumed coverage on Philip Morris International in a research report on Thursday. They issued a “hold” rating on the stock. UBS Group raised Philip Morris International from a “neutral” rating to a “buy” rating and lifted their target price for the company from $106.00 to $116.00 in a research report on Wednesday, March 1st. The Goldman Sachs Group raised Philip Morris International from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $95.00 to $120.00 in a research report on Wednesday, January 25th. Finally, Societe Generale assumed coverage on Philip Morris International in a research report on Monday, January 23rd. They set a “sell” rating and a $90.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Philip Morris International has an average rating of “Hold” and a consensus target price of $109.73.

Philip Morris International Company Profile

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Philip Morris International, Inc is a holding company engaged in the manufacturing and sale of cigarettes, tobacco, and nicotine-containing products. Its products include cigarettes and reduced-risk products, including heat-not-burn, vapor, and oral nicotine products. The firm operates through the following geographical segments: European Union, Eastern Europe, Middle East and Africa, South and Southeast Asia, East Asia and Australia, and Americas.