Summit Financial LLC Acquires 7,990 Shares of Philip Morris International Inc. (NYSE:PM)

Summit Financial LLC raised its holdings in Philip Morris International Inc. (NYSE:PM - Free Report) by 74.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,731 shares of the company's stock after buying an additional 7,990 shares during the quarter. Summit Financial LLC's holdings in Philip Morris International were worth $2,280,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PM. Meridian Wealth Partners LLC lifted its holdings in Philip Morris International by 4.1% in the fourth quarter. Meridian Wealth Partners LLC now owns 1,781 shares of the company's stock worth $214,000 after buying an additional 70 shares during the period. NewSquare Capital LLC lifted its stake in shares of Philip Morris International by 53.7% in the 4th quarter. NewSquare Capital LLC now owns 206 shares of the company's stock valued at $25,000 after purchasing an additional 72 shares during the period. Creative Financial Designs Inc. ADV lifted its stake in shares of Philip Morris International by 2.1% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 3,628 shares of the company's stock valued at $437,000 after purchasing an additional 73 shares during the period. Balboa Wealth Partners grew its stake in Philip Morris International by 2.0% in the fourth quarter. Balboa Wealth Partners now owns 3,712 shares of the company's stock worth $447,000 after purchasing an additional 74 shares during the period. Finally, Centurion Wealth Management LLC grew its stake in Philip Morris International by 3.5% in the fourth quarter. Centurion Wealth Management LLC now owns 2,229 shares of the company's stock worth $268,000 after purchasing an additional 75 shares during the period. 78.63% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. UBS Group boosted their target price on shares of Philip Morris International from $105.00 to $120.00 and gave the company a "sell" rating in a report on Friday, February 7th. StockNews.com lowered shares of Philip Morris International from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Morgan Stanley initiated coverage on shares of Philip Morris International in a research note on Thursday, January 16th. They set an "overweight" rating and a $140.00 target price for the company. Stifel Nicolaus boosted their price target on Philip Morris International from $145.00 to $160.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. Finally, Barclays raised their price objective on Philip Morris International from $145.00 to $175.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $144.56.

Philip Morris International Price Performance

NYSE PM traded up $6.04 during mid-day trading on Thursday, reaching $162.21. The stock had a trading volume of 10,578,322 shares, compared to its average volume of 5,490,962. The company has a fifty day moving average price of $147.92 and a 200 day moving average price of $132.82. Philip Morris International Inc. has a 1 year low of $87.82 and a 1 year high of $163.04. The stock has a market cap of $252.21 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.65 and a beta of 0.53.

Philip Morris International (NYSE:PM - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.49 by $0.06. Philip Morris International had a negative return on equity of 120.08% and a net margin of 7.89%. As a group, equities research analysts expect that Philip Morris International Inc. will post 7.14 earnings per share for the current year.

Philip Morris International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Thursday, March 20th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.33%. Philip Morris International's dividend payout ratio is presently 119.73%.

Insider Activity

In other Philip Morris International news, VP Reginaldo Dobrowolski sold 5,000 shares of Philip Morris International stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $149.88, for a total value of $749,400.00. Following the completion of the sale, the vice president now owns 20,799 shares of the company's stock, valued at approximately $3,117,354.12. The trade was a 19.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Yann Guerin sold 2,500 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $151.28, for a total value of $378,200.00. Following the transaction, the senior vice president now directly owns 30,308 shares in the company, valued at $4,584,994.24. The trade was a 7.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 131,822 shares of company stock valued at $19,655,585 over the last three months. Insiders own 0.13% of the company's stock.

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.