Cornerstone Wealth Management LLC Trims Stake in Philip Morris International Inc. (NYSE:PM)

Cornerstone Wealth Management LLC cut its holdings in shares of Philip Morris International Inc. (NYSE:PM) by 1.0% in the first quarter, HoldingsChannel.com reports. The firm owned 11,842 shares of the company’s stock after selling 123 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Philip Morris International were worth $1,085,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital Research Global Investors boosted its stake in Philip Morris International by 9.1% during the fourth quarter. Capital Research Global Investors now owns 58,416,175 shares of the company’s stock worth $5,495,794,000 after buying an additional 4,869,272 shares during the period. Wellington Management Group LLP boosted its position in shares of Philip Morris International by 12.6% during the 3rd quarter. Wellington Management Group LLP now owns 27,821,802 shares of the company’s stock worth $2,575,742,000 after purchasing an additional 3,121,732 shares during the period. Lone Pine Capital LLC acquired a new stake in Philip Morris International in the 4th quarter valued at approximately $282,785,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Philip Morris International by 25.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,439,154 shares of the company’s stock valued at $996,104,000 after purchasing an additional 2,123,311 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in Philip Morris International by 216.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,691,337 shares of the company’s stock worth $159,121,000 after purchasing an additional 1,156,227 shares in the last quarter. 78.63% of the stock is owned by institutional investors and hedge funds.

Philip Morris International Stock Performance

Shares of PM stock opened at $101.42 on Friday. The stock has a market capitalization of $157.66 billion, a P/E ratio of 19.81, a price-to-earnings-growth ratio of 2.08 and a beta of 0.58. The company has a 50 day moving average price of $100.46 and a 200 day moving average price of $95.13. Philip Morris International Inc. has a fifty-two week low of $87.23 and a fifty-two week high of $104.90.

Philip Morris International (NYSE:PM) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.09. The firm had revenue of $8.79 billion during the quarter, compared to analysts’ expectations of $8.44 billion. Philip Morris International had a net margin of 8.58% and a negative return on equity of 113.26%. The business’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.38 earnings per share. On average, research analysts forecast that Philip Morris International Inc. will post 6.32 EPS for the current fiscal year.

Philip Morris International Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 8th. Stockholders of record on Friday, June 21st will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Friday, June 21st. This represents a $5.20 annualized dividend and a dividend yield of 5.13%. Philip Morris International’s dividend payout ratio (DPR) is currently 101.56%.

Insider Transactions at Philip Morris International

In other Philip Morris International news, insider Wilde Frederic De sold 20,000 shares of Philip Morris International stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $96.42, for a total transaction of $1,928,400.00. Following the completion of the sale, the insider now directly owns 178,447 shares of the company’s stock, valued at approximately $17,205,859.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Separately, Stifel Nicolaus lifted their target price on Philip Morris International from $108.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $104.22.

About Philip Morris International

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.