406,467 Shares of Philip Morris International Inc. $PM Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Philip Morris International Inc. (NYSE:PM) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 406,467 shares of the company’s stock, valued at approximately $77,562,000.

A number of other institutional investors have also modified their holdings of PM. BlackRock Inc. grew its position in shares of Philip Morris International by 0.4% in the 2nd quarter. BlackRock Inc. now owns 108,039,522 shares of the company’s stock worth $19,545,430,000 after buying an additional 444,449 shares during the last quarter. State Street Corp lifted its position in Philip Morris International by 1.0% during the second quarter. State Street Corp now owns 55,569,994 shares of the company’s stock valued at $10,134,454,000 after acquiring an additional 536,968 shares during the last quarter. GQG Partners LLC purchased a new stake in Philip Morris International during the second quarter valued at approximately $8,220,008,000. Wellington Management Group LLP boosted its stake in Philip Morris International by 3.9% in the second quarter. Wellington Management Group LLP now owns 17,506,171 shares of the company’s stock valued at $3,167,041,000 after acquiring an additional 650,587 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Philip Morris International in the second quarter valued at approximately $3,075,267,000. 78.63% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PM shares. Stifel Nicolaus raised their price objective on Philip Morris International from $195.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Weiss Ratings raised Philip Morris International from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Citigroup increased their price target on Philip Morris International from $210.00 to $225.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Argus raised their price target on Philip Morris International from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, October 26th. Finally, Morgan Stanley boosted their price target on Philip Morris International from $200.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Philip Morris International currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.70.

Philip Morris International Stock Performance

Shares of PM stock opened at $208.72 on Friday. Philip Morris International Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $214.35. The firm has a market capitalization of $325.32 billion, a PE ratio of 30.47, a P/E/G ratio of 2.80 and a beta of 0.34. The stock’s 50-day simple moving average is $194.20 and its 200-day simple moving average is $181.93.

Philip Morris International (NYSE:PM) last issued its quarterly earnings results on Wednesday, October 21st. The company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.30 by $0.06. Philip Morris International had a net margin of 10.73% and a negative return on equity of 183.96%. The company had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $11.32 billion. During the same quarter in the prior year, the company earned $2.24 EPS. Philip Morris International’s quarterly revenue was up 5.5% on a year-over-year basis. Sell-side analysts forecast that Philip Morris International Inc. will post 8.32 earnings per share for the current year.

Philip Morris International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 26th. Investors of record on Friday, October 2nd were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.1%. This is a boost from Philip Morris International’s previous quarterly dividend of $1.47. The ex-dividend date of this dividend was Friday, October 2nd. Philip Morris International’s dividend payout ratio is 93.43%.

Philip Morris International Profile

Philip Morris International Inc (NYSE:PM) is a global tobacco and nicotine company headquartered in Stamford, Connecticut. It was established as an independent company in 2008 following the separation of Philip Morris International from Altria Group. The company develops, manufactures and markets tobacco, nicotine and other related consumer products primarily outside the United States.

Its portfolio includes internationally recognized cigarette brands such as Marlboro, Parliament, L&M, Chesterfield and Bond Street.