JPMorgan Chase & Co. Cuts Philip Morris International (NYSE:PM) Price Target to $185.00

Philip Morris International (NYSE:PM) had its price objective trimmed by JPMorgan Chase & Co. from $190.00 to $185.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts also recently commented on the stock. The Goldman Sachs Group reiterated a “buy” rating on shares of Philip Morris International in a research report on Wednesday, October 22nd. Stifel Nicolaus set a $180.00 price objective on shares of Philip Morris International in a research note on Tuesday, October 21st. Morgan Stanley set a $175.00 target price on shares of Philip Morris International and gave the company an “overweight” rating in a report on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Philip Morris International in a research note on Wednesday, October 8th. Finally, KGI Securities assumed coverage on Philip Morris International in a report on Monday, August 4th. They set an “outperform” rating on the stock. Twelve analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $189.00.

Philip Morris International Price Performance

Shares of NYSE:PM opened at $157.25 on Wednesday. Philip Morris International has a 12 month low of $116.12 and a 12 month high of $186.69. The firm has a market capitalization of $244.78 billion, a P/E ratio of 28.49, a P/E/G ratio of 1.84 and a beta of 0.43. The company’s fifty day moving average price is $155.69 and its 200 day moving average price is $166.81.

Philip Morris International (NYSE:PM) last released its quarterly earnings results on Tuesday, March 28th. The company reported $1.59 earnings per share (EPS) for the quarter. The firm had revenue of $8.12 billion for the quarter. Philip Morris International had a negative return on equity of 122.14% and a net margin of 9.33%. On average, sell-side analysts anticipate that Philip Morris International will post 7.14 EPS for the current year.

Philip Morris International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 20th. Investors of record on Friday, October 3rd were issued a dividend of $1.47 per share. This is an increase from Philip Morris International’s previous quarterly dividend of $1.35. This represents a $5.88 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Friday, October 3rd. Philip Morris International’s dividend payout ratio is currently 106.52%.

Institutional Investors Weigh In On Philip Morris International

A number of institutional investors have recently added to or reduced their stakes in the business. Linscomb Wealth Inc. increased its position in Philip Morris International by 3.3% during the 1st quarter. Linscomb Wealth Inc. now owns 83,205 shares of the company’s stock worth $13,207,000 after purchasing an additional 2,669 shares in the last quarter. Prudential Financial Inc. increased its position in Philip Morris International by 88.9% during the second quarter. Prudential Financial Inc. now owns 2,138,118 shares of the company’s stock worth $389,415,000 after purchasing an additional 1,006,014 shares during the last quarter. First American Trust FSB raised its position in shares of Philip Morris International by 80.0% in the 1st quarter. First American Trust FSB now owns 56,382 shares of the company’s stock worth $8,949,000 after buying an additional 25,063 shares during the period. Klingman & Associates LLC raised its holdings in shares of Philip Morris International by 44.5% in the 2nd quarter. Klingman & Associates LLC now owns 6,615 shares of the company’s stock worth $1,205,000 after purchasing an additional 2,038 shares during the period. Finally, CCM Investment Group LLC purchased a new position in Philip Morris International in the first quarter valued at approximately $7,641,000. Hedge funds and other institutional investors own 78.63% of the company’s stock.

About Philip Morris International

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.