Covey Capital Advisors LLC Makes New $704,000 Investment in Philip Morris International Inc. (NYSE:PM)

Covey Capital Advisors LLC bought a new position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,801 shares of the company's stock, valued at approximately $704,000. Philip Morris International accounts for approximately 0.8% of Covey Capital Advisors LLC's investment portfolio, making the stock its 26th biggest holding.

A number of other large investors have also recently bought and sold shares of PM. 49 Wealth Management LLC raised its stake in shares of Philip Morris International by 3.6% during the 3rd quarter. 49 Wealth Management LLC now owns 2,432 shares of the company's stock valued at $295,000 after buying an additional 84 shares during the last quarter. Woodmont Investment Counsel LLC raised its position in Philip Morris International by 1.6% during the third quarter. Woodmont Investment Counsel LLC now owns 5,452 shares of the company's stock valued at $662,000 after acquiring an additional 86 shares in the last quarter. YHB Investment Advisors Inc. lifted its holdings in Philip Morris International by 4.2% in the third quarter. YHB Investment Advisors Inc. now owns 2,158 shares of the company's stock valued at $262,000 after acquiring an additional 87 shares during the period. Longfellow Investment Management Co. LLC lifted its holdings in Philip Morris International by 0.7% in the second quarter. Longfellow Investment Management Co. LLC now owns 12,888 shares of the company's stock valued at $1,306,000 after acquiring an additional 88 shares during the period. Finally, Dearborn Partners LLC boosted its position in Philip Morris International by 3.2% in the 2nd quarter. Dearborn Partners LLC now owns 2,867 shares of the company's stock worth $291,000 after purchasing an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 78.63% of the company's stock.

Philip Morris International Trading Up 0.9 %

NYSE:PM traded up $1.24 during trading hours on Friday, hitting $133.06. 3,255,638 shares of the stock were exchanged, compared to its average volume of 5,366,424. The firm's fifty day moving average price is $125.74 and its 200 day moving average price is $115.88. Philip Morris International Inc. has a 52-week low of $87.82 and a 52-week high of $134.15. The company has a market cap of $206.89 billion, a P/E ratio of 21.12, a P/E/G ratio of 2.31 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, topping analysts' consensus estimates 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 firm had revenue of $9.91 billion for the quarter, compared to analyst estimates of $9.68 billion. During the same period in the previous year, the company posted $1.67 earnings per share. The business's revenue was up 8.4% on a year-over-year basis. Equities analysts expect that Philip Morris International Inc. will post 6.51 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.06%. This is a boost from Philip Morris International's previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Thursday, September 26th. Philip Morris International's dividend payout ratio is 85.71%.

Insider Transactions at Philip Morris International

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

Analysts Set New Price Targets

Several research firms have recently weighed in on PM. UBS Group lifted their target price on shares of Philip Morris International from $103.00 to $105.00 and gave the company a "sell" rating in a report on Wednesday, October 23rd. Bank of America lifted their price objective on shares of Philip Morris International from $125.00 to $139.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Philip Morris International from $118.00 to $135.00 and gave the stock a "buy" rating in a research note on Tuesday, October 1st. Barclays raised their target price on Philip Morris International from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group increased their price target on Philip Morris International from $126.00 to $140.00 and gave the stock a "buy" rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $131.50.

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.