Canal Capital Management LLC Grows Stake in Philip Morris International Inc. (NYSE:PM)

Canal Capital Management LLC increased its holdings in Philip Morris International Inc. (NYSE:PM) by 6.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,918 shares of the company’s stock after purchasing an additional 6,940 shares during the period. Philip Morris International accounts for 1.9% of Canal Capital Management LLC’s holdings, making the stock its 11th biggest holding. Canal Capital Management LLC’s holdings in Philip Morris International were worth $10,935,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PM. Iron Horse Wealth Management LLC boosted its position in shares of Philip Morris International by 684.4% during the second quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company’s stock worth $25,000 after acquiring an additional 219 shares during the last quarter. Boyd Watterson Asset Management LLC OH boosted its holdings in shares of Philip Morris International by 250.0% during the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 322 shares of the company’s stock valued at $30,000 after purchasing an additional 230 shares during the last quarter. Fortitude Family Office LLC grew its position in shares of Philip Morris International by 57.4% during the second quarter. Fortitude Family Office LLC now owns 318 shares of the company’s stock valued at $32,000 after purchasing an additional 116 shares in the last quarter. Northwest Financial Advisors bought a new stake in shares of Philip Morris International in the fourth quarter worth about $33,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Philip Morris International in the second quarter worth about $34,000. 78.63% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Massimo Andolina sold 9,000 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $115.35, for a total transaction of $1,038,150.00. Following the completion of the sale, the insider now directly owns 85,629 shares of the company’s stock, valued at $9,877,305.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Massimo Andolina sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $115.35, for a total transaction of $1,038,150.00. Following the transaction, the insider now directly owns 85,629 shares of the company’s stock, valued at $9,877,305.15. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Wilde Frederic De sold 20,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now owns 158,447 shares of the company’s stock, valued at approximately $17,906,095.47. The disclosure for this sale can be found here. Insiders own 0.13% of the company’s stock.

Philip Morris International Trading Up 0.6 %

Philip Morris International stock opened at $123.29 on Friday. Philip Morris International Inc. has a 12-month low of $87.23 and a 12-month high of $123.45. The firm has a 50-day moving average price of $111.52 and a 200-day moving average price of $100.98. The firm has a market capitalization of $191.69 billion, a PE ratio of 24.08, a price-to-earnings-growth ratio of 2.41 and a beta of 0.58.

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

Philip Morris International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Friday, June 21st were given a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend was Friday, June 21st. Philip Morris International’s dividend payout ratio (DPR) is presently 101.56%.

Analysts Set New Price Targets

Several equities analysts have weighed in on PM shares. Bank of America raised their price target on Philip Morris International from $110.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. raised their target price on shares of Philip Morris International from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Barclays boosted their price target on shares of Philip Morris International from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 14th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Philip Morris International from $116.00 to $118.00 and gave the company a “buy” rating in a research report on Thursday, July 25th. Finally, Stifel Nicolaus boosted their target price on shares of Philip Morris International from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Philip Morris International currently has a consensus rating of “Moderate Buy” and an average target price of $109.80.

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.