Griffin Asset Management Inc. lessened its stake in Philip Morris International Inc. (NYSE:PM) by 18.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,447 shares of the company’s stock after selling 4,978 shares during the quarter. Griffin Asset Management Inc.’s holdings in Philip Morris International were worth $1,732,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Shine Investment Advisory Services Inc. raised its stake in shares of Philip Morris International by 90.7% in the 2nd quarter. Shine Investment Advisory Services Inc. now owns 1,245 shares of the company’s stock valued at $101,000 after acquiring an additional 592 shares during the period. BKD Wealth Advisors LLC raised its stake in shares of Philip Morris International by 5.0% in the 2nd quarter. BKD Wealth Advisors LLC now owns 13,174 shares of the company’s stock valued at $1,064,000 after acquiring an additional 625 shares during the period. Pictet & Cie Europe SA raised its stake in shares of Philip Morris International by 7.3% in the 2nd quarter. Pictet & Cie Europe SA now owns 9,173 shares of the company’s stock valued at $741,000 after acquiring an additional 627 shares during the period. InterOcean Capital LLC increased its stake in Philip Morris International by 11.3% during the 2nd quarter. InterOcean Capital LLC now owns 6,274 shares of the company’s stock worth $507,000 after buying an additional 636 shares during the period. Finally, Strategic Financial Group LLC increased its stake in Philip Morris International by 20.7% during the 2nd quarter. Strategic Financial Group LLC now owns 3,732 shares of the company’s stock worth $301,000 after buying an additional 639 shares during the period. Institutional investors own 72.88% of the company’s stock.

PM has been the topic of several analyst reports. ValuEngine downgraded shares of Philip Morris International from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 22nd. Jefferies Financial Group reaffirmed a “buy” rating and set a $93.00 price target on shares of Philip Morris International in a research note on Friday, July 13th. Morgan Stanley dropped their price target on shares of Philip Morris International from $111.00 to $102.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 17th. Cowen downgraded shares of Philip Morris International from an “outperform” rating to a “market perform” rating and set a $97.00 price target on the stock. in a research note on Friday, July 20th. Finally, Citigroup set a $90.00 price target on shares of Philip Morris International and gave the stock a “buy” rating in a research note on Friday, July 20th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. Philip Morris International has an average rating of “Hold” and a consensus target price of $103.36.

Philip Morris International stock opened at $79.33 on Friday. Philip Morris International Inc. has a 12-month low of $76.21 and a 12-month high of $116.72. The firm has a market cap of $124.44 billion, a P/E ratio of 16.04, a PEG ratio of 1.76 and a beta of 0.82. The company has a current ratio of 1.15, a quick ratio of 0.64 and a debt-to-equity ratio of -2.76.

Philip Morris International (NYSE:PM) last released its quarterly earnings results on Thursday, July 19th. The company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.18. The firm had revenue of $7.73 billion for the quarter, compared to the consensus estimate of $7.53 billion. Philip Morris International had a net margin of 7.84% and a negative return on equity of 76.67%. The firm’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.14 EPS. equities analysts expect that Philip Morris International Inc. will post 5.04 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Wednesday, September 26th will be given a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 5.75%. The ex-dividend date of this dividend is Tuesday, September 25th. Philip Morris International’s payout ratio is currently 92.49%.

About Philip Morris International

Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products. Its portfolio of brands comprises Marlboro, Parliament, Bond Street, Chesterfield, L&M, Lark, Philip Morris, Merit, Virginia S., Muratti, and Next.

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Institutional Ownership by Quarter for Philip Morris International (NYSE:PM)

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