Philip Morris International Inc. (NYSE:PM) announced a quarterly dividend on Wednesday, September 15th, RTT News reports. Stockholders of record on Wednesday, September 29th will be paid a dividend of 1.25 per share on Thursday, October 14th. This represents a $5.00 annualized dividend and a dividend yield of 4.90%. The ex-dividend date of this dividend is Tuesday, September 28th. This is a positive change from Philip Morris International’s previous quarterly dividend of $1.20.
Philip Morris International has increased its dividend by 12.3% over the last three years.
Shares of NYSE:PM opened at $101.96 on Wednesday. The company has a market cap of $158.91 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 1.96 and a beta of 0.84. The firm’s 50-day simple moving average is $100.72 and its 200-day simple moving average is $96.37. Philip Morris International has a fifty-two week low of $68.93 and a fifty-two week high of $106.51.
A number of research firms have recently weighed in on PM. TheStreet raised shares of Philip Morris International from a “c+” rating to a “b” rating in a research report on Tuesday, July 20th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Philip Morris International from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, August 19th. Barclays set a $98.59 price target on shares of Philip Morris International and gave the stock an “overweight” rating in a research report on Friday, July 23rd. Morgan Stanley reaffirmed a “buy” rating and set a $110.00 price target on shares of Philip Morris International in a research report on Friday, July 2nd. Finally, Piper Sandler upped their price target on shares of Philip Morris International from $111.00 to $114.00 and gave the stock an “overweight” rating in a research report on Friday, June 11th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $102.20.
In other news, CEO Martin G. King sold 21,725 shares of the company’s stock in a transaction on Tuesday, July 27th. The shares were sold at an average price of $100.18, for a total value of $2,176,410.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.21% of the stock is currently owned by corporate insiders.
An institutional investor recently raised its position in Philip Morris International stock. Morgan Stanley raised its stake in shares of Philip Morris International Inc. (NYSE:PM) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,718,495 shares of the company’s stock after acquiring an additional 120,060 shares during the quarter. Philip Morris International makes up 0.6% of Morgan Stanley’s portfolio, making the stock its 23rd biggest position. Morgan Stanley owned 2.87% of Philip Morris International worth $4,432,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 75.05% of the company’s stock.
Philip Morris International announced that its Board of Directors has initiated a stock repurchase plan on Friday, June 11th that allows the company to repurchase $7.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Philip Morris International Company Profile
Philip Morris International, Inc is a holding company. It engages in manufacturing and sale of cigarettes, tobacco and nicotine-containing products. It operates through the following geographical segments: European Union, Eastern Europe, Middles East & Africa, South & Southeast Asia, East Asia & Australia and Latin America & Canada.
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