Truist Financial Corp Sells 18,683 Shares of Philip Morris International Inc. (NYSE:PM)

Truist Financial Corp trimmed its position in shares of Philip Morris International Inc. (NYSE:PM) by 1.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,922,539 shares of the company’s stock after selling 18,683 shares during the quarter. Truist Financial Corp’s holdings in Philip Morris International were worth $194,811,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PM. Diversify Advisory Services LLC bought a new position in shares of Philip Morris International in the first quarter valued at $5,634,000. Axxcess Wealth Management LLC boosted its stake in Philip Morris International by 25.4% during the 1st quarter. Axxcess Wealth Management LLC now owns 34,390 shares of the company’s stock valued at $3,151,000 after purchasing an additional 6,974 shares during the last quarter. Nebula Research & Development LLC acquired a new position in Philip Morris International during the 4th quarter valued at about $857,000. Pinebridge Investments L.P. increased its holdings in Philip Morris International by 99.5% during the 4th quarter. Pinebridge Investments L.P. now owns 54,063 shares of the company’s stock worth $5,087,000 after purchasing an additional 26,960 shares in the last quarter. Finally, Duality Advisers LP raised its stake in shares of Philip Morris International by 165.6% in the first quarter. Duality Advisers LP now owns 38,644 shares of the company’s stock worth $3,541,000 after purchasing an additional 24,093 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PM shares. JPMorgan Chase & Co. upped their price target on Philip Morris International from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Thursday, July 25th. The Goldman Sachs Group upped their target price on shares of Philip Morris International from $126.00 to $140.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Stifel Nicolaus raised their price target on shares of Philip Morris International from $120.00 to $138.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Philip Morris International from $116.00 to $118.00 and gave the stock a “buy” rating in a research report on Thursday, July 25th. Finally, Bank of America lifted their target price on shares of Philip Morris International from $125.00 to $139.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.14.

Philip Morris International Trading Up 0.6 %

Philip Morris International stock opened at $121.39 on Tuesday. The business’s 50 day simple moving average is $119.88 and its 200 day simple moving average is $105.92. Philip Morris International Inc. has a 12 month low of $87.23 and a 12 month high of $128.22. The company has a market cap of $188.71 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 2.37 and a beta of 0.55.

Philip Morris International (NYSE:PM) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.02. Philip Morris International had a negative return on equity of 113.32% and a net margin of 9.41%. The company had revenue of $9.47 billion during the quarter, compared to the consensus estimate of $9.19 billion. During the same quarter in the prior year, the company earned $1.60 EPS. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. As a group, equities research analysts forecast that Philip Morris International Inc. will post 6.45 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th will be given a $1.35 dividend. The ex-dividend date is Thursday, September 26th. This represents a $5.40 annualized dividend and a dividend yield of 4.45%. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.30. Philip Morris International’s payout ratio is 105.47%.

Insider Activity at Philip Morris International

In related news, insider Massimo Andolina sold 9,000 shares of Philip Morris International stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $115.35, for a total value of $1,038,150.00. Following the completion of the transaction, the insider now directly owns 85,629 shares in the company, valued at approximately $9,877,305.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Philip Morris International news, insider Massimo Andolina sold 9,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $115.35, for a total value of $1,038,150.00. Following the completion of the transaction, the insider now owns 85,629 shares in the company, valued at approximately $9,877,305.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Wilde Frederic De sold 20,000 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $113.01, for a total value of $2,260,200.00. Following the sale, the insider now owns 158,447 shares in the company, valued at $17,906,095.47. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by corporate insiders.

Philip Morris International 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.