Philip Morris International Inc. (NYSE:PM) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc raised its position in shares of Philip Morris International Inc. (NYSE:PM - Free Report) by 19.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 347,028 shares of the company's stock after purchasing an additional 57,446 shares during the quarter. CIBC Asset Management Inc's holdings in Philip Morris International were worth $42,126,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PM. Iron Horse Wealth Management LLC grew its position in Philip Morris International by 684.4% during the second quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company's stock valued at $25,000 after buying an additional 219 shares during the period. Sachetta LLC increased its position in Philip Morris International by 64.8% in the second quarter. Sachetta LLC now owns 267 shares of the company's stock worth $27,000 after buying an additional 105 shares in the last quarter. Concord Wealth Partners raised its stake in shares of Philip Morris International by 2,709.1% in the third quarter. Concord Wealth Partners now owns 309 shares of the company's stock worth $38,000 after buying an additional 298 shares during the period. Fortitude Family Office LLC grew its stake in shares of Philip Morris International by 57.4% during the 2nd quarter. Fortitude Family Office LLC now owns 318 shares of the company's stock valued at $32,000 after acquiring an additional 116 shares during the period. Finally, Olistico Wealth LLC purchased a new stake in Philip Morris International in the 2nd quarter worth approximately $34,000. 78.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PM has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised 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. Barclays boosted their target price on shares of Philip Morris International from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. UBS Group raised their target price on shares of Philip Morris International from $103.00 to $105.00 and gave the company a "sell" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. boosted their target price on Philip Morris International from $125.00 to $145.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 23rd. Finally, Citigroup increased their target price on Philip Morris International from $118.50 to $132.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $127.85.

Insider Activity at Philip Morris International

In other news, Chairman Andre Calantzopoulos sold 101,918 shares of Philip Morris International stock in a transaction that occurred 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 sale, the chairman now directly owns 959,761 shares of the company's stock, valued at $124,624,965.85. The trade was a 9.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Werner Barth sold 7,500 shares of Philip Morris International stock in a transaction on Wednesday, October 23rd. The stock was 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. 0.13% of the stock is owned by company insiders.

Philip Morris International Stock Up 0.7 %

Shares of Philip Morris International stock traded up $0.91 during midday trading on Friday, hitting $129.11. The company had a trading volume of 4,411,649 shares, compared to its average volume of 5,394,494. The company has a fifty day simple moving average of $124.25 and a 200 day simple moving average of $113.21. Philip Morris International Inc. has a 12-month low of $87.82 and a 12-month high of $134.15. The stock has a market cap of $200.74 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 2.19 and a beta of 0.54.

Philip Morris International (NYSE:PM - Get Free Report) last posted 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. The company had revenue of $9.91 billion during the quarter, compared to analyst estimates of $9.68 billion. Philip Morris International had a net margin of 10.35% and a negative return on equity of 117.94%. Philip Morris International's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $1.67 EPS. As a group, analysts expect that Philip Morris International Inc. will post 6.51 EPS for the current year.

Philip Morris International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 4.18%. This is a positive change 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 payout ratio is 85.71%.

Philip Morris International Company 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.