Kovitz Investment Group Partners LLC Sells 379,515 Shares of Philip Morris International Inc. (NYSE:PM)

Kovitz Investment Group Partners LLC reduced its position in Philip Morris International Inc. (NYSE:PM - Free Report) by 24.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,154,755 shares of the company's stock after selling 379,515 shares during the period. Philip Morris International makes up about 0.9% of Kovitz Investment Group Partners LLC's investment portfolio, making the stock its 28th biggest position. Kovitz Investment Group Partners LLC owned approximately 0.07% of Philip Morris International worth $136,336,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PM. Iron Horse Wealth Management LLC raised its position in Philip Morris International by 684.4% in 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 period. Strategic Financial Concepts LLC bought a new position in Philip Morris International in the 2nd quarter worth $25,000. Sachetta LLC raised its holdings in Philip Morris International by 64.8% in the 2nd quarter. Sachetta LLC now owns 267 shares of the company's stock worth $27,000 after purchasing an additional 105 shares during the period. Valley Wealth Managers Inc. lifted its position in Philip Morris International by 457.5% during the third quarter. Valley Wealth Managers Inc. now owns 223 shares of the company's stock valued at $27,000 after purchasing an additional 183 shares in the last quarter. Finally, Concord Wealth Partners grew its holdings in Philip Morris International by 2,709.1% during the third quarter. Concord Wealth Partners now owns 309 shares of the company's stock valued at $38,000 after purchasing an additional 298 shares during the period. Institutional investors own 78.63% of the company's stock.

Philip Morris International Stock Performance

Shares of PM traded down $1.93 during mid-day trading on Friday, hitting $130.56. 4,212,554 shares of the stock were exchanged, compared to its average volume of 4,882,677. The firm has a 50-day moving average of $126.52 and a two-hundred day moving average of $116.62. 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 $203.00 billion, a PE ratio of 20.72, a price-to-earnings-growth ratio of 2.28 and a beta of 0.53.

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

Philip Morris International Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 26th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Thursday, September 26th. This is a positive change from Philip Morris International's previous quarterly dividend of $1.30. Philip Morris International's dividend payout ratio is presently 85.71%.

Insider Transactions at Philip Morris International

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

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PM shares. The Goldman Sachs Group lifted their price objective on Philip Morris International from $126.00 to $140.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. upped their price target on shares of Philip Morris International from $125.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. UBS Group raised their price objective on shares of Philip Morris International from $103.00 to $105.00 and gave the company a "sell" rating in a research report on Wednesday, October 23rd. Stifel Nicolaus reaffirmed a "buy" rating and issued a $145.00 target price (up previously from $138.00) on shares of Philip Morris International in a report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Philip Morris International from $118.00 to $135.00 and gave the company a "buy" rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Philip Morris International currently has a consensus rating of "Moderate Buy" and an average price target 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.