Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 235,432 Philip Morris International Inc. (NYSE:PM)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Philip Morris International Inc. (NYSE:PM - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 235,432 shares of the company's stock, valued at approximately $28,581,000.

Several other hedge funds have also modified their holdings of the stock. Bank of New York Mellon Corp boosted its position in Philip Morris International by 16.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 13,234,478 shares of the company's stock worth $1,341,050,000 after purchasing an additional 1,856,551 shares during the period. First Eagle Investment Management LLC boosted its stake in shares of Philip Morris International by 7.4% in the second quarter. First Eagle Investment Management LLC now owns 10,655,948 shares of the company's stock valued at $1,079,767,000 after purchasing an additional 736,961 shares during the period. Legal & General Group Plc grew its holdings in Philip Morris International by 4.7% during the 2nd quarter. Legal & General Group Plc now owns 10,430,837 shares of the company's stock valued at $1,056,957,000 after purchasing an additional 469,806 shares in the last quarter. Ninety One UK Ltd increased its stake in Philip Morris International by 0.9% during the 2nd quarter. Ninety One UK Ltd now owns 9,467,759 shares of the company's stock worth $959,368,000 after buying an additional 86,667 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Philip Morris International by 79.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,878,158 shares of the company's stock worth $595,634,000 after buying an additional 2,599,684 shares in the last quarter. 78.63% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Philip Morris International

In other Philip Morris International news, Chairman Andre Calantzopoulos sold 101,918 shares of the stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $129.85, for a total value of $13,234,052.30. Following the transaction, the chairman now directly owns 959,761 shares in the company, valued at approximately $124,624,965.85. This trade represents a 9.60 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Werner Barth sold 7,500 shares of the business's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $129.98, for a total transaction of $974,850.00. Following the sale, the insider now directly owns 95,418 shares of the company's stock, valued at approximately $12,402,431.64. This trade represents a 7.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.13% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on Philip Morris International from $126.00 to $140.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. JPMorgan Chase & Co. increased their target price on shares of Philip Morris International from $125.00 to $145.00 and gave the stock an "overweight" rating in a report on Wednesday, October 23rd. Barclays upped their target price on Philip Morris International from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Philip Morris International from $118.00 to $135.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Finally, Bank of America boosted their price target on 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 research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $131.50.

Philip Morris International Stock Performance

Shares of PM stock traded up $0.29 during trading on Thursday, hitting $130.68. 129,052 shares of the company were exchanged, compared to its average volume of 5,384,617. The business's 50-day simple moving average is $124.55 and its 200 day simple moving average is $114.27. Philip Morris International Inc. has a twelve month low of $87.82 and a twelve month high of $134.15. The firm has a market capitalization of $203.19 billion, a price-to-earnings ratio of 20.70, a P/E/G ratio of 2.27 and a beta of 0.54.

Philip Morris International (NYSE:PM - Get Free Report) last issued its quarterly earnings results on Tuesday, October 22nd. The company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.09. Philip Morris International had a negative return on equity of 117.94% and a net margin of 10.35%. The company had revenue of $9.91 billion for the quarter, compared to the consensus estimate of $9.68 billion. During the same period last year, the business posted $1.67 earnings per share. The firm's revenue was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that Philip Morris International Inc. will post 6.51 earnings per share for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 26th were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend was Thursday, September 26th. This is an increase from Philip Morris International's previous quarterly dividend of $1.30. Philip Morris International's dividend payout ratio (DPR) is 85.71%.

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.