Cornerstone Wealth Management LLC Cuts Holdings in Philip Morris International Inc. (NYSE:PM)

Cornerstone Wealth Management LLC lowered its stake in shares of Philip Morris International Inc. (NYSE:PM) by 1.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,842 shares of the company’s stock after selling 123 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Philip Morris International were worth $1,085,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Bank of Nova Scotia raised its position in Philip Morris International by 283.5% during the fourth quarter. Bank of Nova Scotia now owns 1,186,082 shares of the company’s stock valued at $111,583,000 after purchasing an additional 876,790 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its holdings in shares of Philip Morris International by 2.3% during the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 603,442 shares of the company’s stock valued at $56,772,000 after buying an additional 13,416 shares in the last quarter. Gilliland Jeter Wealth Management LLC bought a new stake in Philip Morris International in the 4th quarter worth approximately $1,251,000. Nebula Research & Development LLC purchased a new stake in Philip Morris International in the fourth quarter worth approximately $857,000. Finally, AJOVista LLC bought a new position in Philip Morris International during the fourth quarter valued at approximately $137,000. 78.63% of the stock is owned by institutional investors.

Insider Buying and Selling at Philip Morris International

In other news, insider Wilde Frederic De sold 20,000 shares of Philip Morris International stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $96.42, for a total value of $1,928,400.00. Following the sale, the insider now directly owns 178,447 shares in the company, valued at approximately $17,205,859.74. The sale was disclosed in a filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Philip Morris International Stock Performance

NYSE:PM opened at $101.42 on Friday. Philip Morris International Inc. has a fifty-two week low of $87.23 and a fifty-two week high of $104.90. The business has a 50 day moving average price of $100.46 and a 200-day moving average price of $95.13. The firm has a market cap of $157.66 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 2.08 and a beta of 0.58.

Philip Morris International (NYSE:PM) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. Philip Morris International had a net margin of 8.58% and a negative return on equity of 113.26%. The business had revenue of $8.79 billion during the quarter, compared to analysts’ expectations of $8.44 billion. During the same quarter in the prior year, the company posted $1.38 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. Research analysts predict that Philip Morris International Inc. will post 6.32 EPS for the current year.

Philip Morris International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Friday, June 21st will be issued a dividend of $1.30 per share. The ex-dividend date is Friday, June 21st. This represents a $5.20 dividend on an annualized basis and a yield of 5.13%. Philip Morris International’s dividend payout ratio is presently 101.56%.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus boosted their price objective on shares of Philip Morris International from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Philip Morris International has an average rating of “Hold” and a consensus price target of $104.22.

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.