Philip Morris International Inc. (NYSE:PM) is Canal Capital Management LLC’s 9th Largest Position

Canal Capital Management LLC increased its stake in shares of Philip Morris International Inc. (NYSE:PM) by 1.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 109,635 shares of the company’s stock after purchasing an additional 1,717 shares during the quarter. Philip Morris International accounts for approximately 2.1% of Canal Capital Management LLC’s holdings, making the stock its 9th biggest position. Canal Capital Management LLC’s holdings in Philip Morris International were worth $13,310,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Iron Horse Wealth Management LLC raised its position in Philip Morris International by 684.4% in the second quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company’s stock worth $25,000 after acquiring an additional 219 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Philip Morris International in the 2nd quarter worth approximately $25,000. Sachetta LLC increased its stake in Philip Morris International by 64.8% in the 2nd quarter. Sachetta LLC now owns 267 shares of the company’s stock valued at $27,000 after purchasing an additional 105 shares in the last quarter. Fortitude Family Office LLC raised its holdings in Philip Morris International by 57.4% during the second quarter. Fortitude Family Office LLC now owns 318 shares of the company’s stock worth $32,000 after purchasing an additional 116 shares during the last quarter. Finally, Olistico Wealth LLC purchased a new stake in Philip Morris International during the second quarter worth $34,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

Insider Transactions at Philip Morris International

In related news, insider Massimo Andolina sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $115.35, for a total value of $1,038,150.00. Following the completion of the sale, the insider now directly owns 85,629 shares in the company, valued at approximately $9,877,305.15. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.13% of the company’s stock.

Wall Street Analysts Forecast Growth

PM has been the subject of a number of research analyst reports. The Goldman Sachs Group raised their price target on Philip Morris International from $126.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Bank of America raised their target price on shares of Philip Morris International from $125.00 to $139.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Citigroup upped their price target on shares of Philip Morris International from $118.50 to $132.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Stifel Nicolaus reissued a “buy” rating and set a $145.00 price objective (up from $138.00) on shares of Philip Morris International in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted their price objective on Philip Morris International from $125.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $126.85.

Philip Morris International Stock Performance

Shares of PM opened at $132.87 on Friday. The company’s 50 day simple moving average is $121.97 and its 200 day simple moving average is $109.28. The company has a market capitalization of $206.59 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 2.57 and a beta of 0.55. Philip Morris International Inc. has a 1 year low of $87.23 and a 1 year high of $132.90.

Philip Morris International (NYSE:PM) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.09. The business had revenue of $9.91 billion during the quarter, compared to the consensus estimate of $9.68 billion. Philip Morris International had a negative return on equity of 117.94% and a net margin of 12.10%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.67 earnings per share. Equities analysts expect that Philip Morris International Inc. will post 6.45 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 26th were paid a dividend of $1.35 per share. The ex-dividend date was Thursday, September 26th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 4.06%. This is an increase from Philip Morris International’s previous quarterly dividend of $1.30. Philip Morris International’s dividend payout ratio is currently 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.