Bank of New York Mellon Corp Lowers Position in Philip Morris International Inc. $PM

Bank of New York Mellon Corp lessened its holdings in shares of Philip Morris International Inc. (NYSE:PM) by 5.6% in the third quarter, HoldingsChannel.com reports. The fund owned 13,428,841 shares of the company’s stock after selling 792,804 shares during the period. Bank of New York Mellon Corp’s holdings in Philip Morris International were worth $2,178,158,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new position in Philip Morris International in the 2nd quarter worth approximately $25,000. Traub Capital Management LLC bought a new stake in shares of Philip Morris International during the 2nd quarter worth $25,000. Marquette Asset Management LLC grew its position in Philip Morris International by 1,677.8% in the third quarter. Marquette Asset Management LLC now owns 160 shares of the company’s stock worth $26,000 after acquiring an additional 151 shares in the last quarter. Briaud Financial Planning Inc increased its stake in Philip Morris International by 266.7% in the second quarter. Briaud Financial Planning Inc now owns 165 shares of the company’s stock valued at $30,000 after acquiring an additional 120 shares during the last quarter. Finally, Estabrook Capital Management bought a new position in Philip Morris International in the second quarter valued at $30,000. 78.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PM has been the topic of several recent research reports. Jefferies Financial Group lowered Philip Morris International from a “buy” rating to a “hold” rating and reduced their price objective for the company from $220.00 to $180.00 in a research report on Tuesday, January 20th. Stifel Nicolaus set a $180.00 price target on shares of Philip Morris International in a research report on Tuesday, October 21st. Barclays decreased their price target on shares of Philip Morris International from $220.00 to $180.00 and set an “overweight” rating on the stock in a research note on Monday, November 17th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Philip Morris International in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Philip Morris International in a research report on Thursday, January 22nd. Eleven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $184.56.

Philip Morris International Stock Up 2.0%

Shares of NYSE PM opened at $179.23 on Wednesday. The firm’s fifty day moving average is $160.14 and its 200 day moving average is $161.33. Philip Morris International Inc. has a 52 week low of $128.25 and a 52 week high of $186.69. The company has a market cap of $278.99 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 1.89 and a beta of 0.40.

Philip Morris International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Stockholders of record on Friday, December 26th were issued a dividend of $1.47 per share. This represents a $5.88 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Friday, December 26th. Philip Morris International’s dividend payout ratio is currently 106.52%.

Philip Morris International Company Profile

Philip Morris International Inc (NYSE: PM) is a global tobacco company that manufactures and sells cigarettes, other nicotine-containing products and a growing portfolio of smoke-free alternatives for adult smokers. The firm traces its corporate roots to the 19th century Philip Morris enterprise and was established as an independent, publicly traded company following a 2008 separation from what is now Altria. Since the spin-off, the company has focused on serving international markets outside the United States.

PMI’s product mix includes traditional combustible cigarettes as well as smoke-free offerings such as heated tobacco systems and other reduced-risk products.