PNC Financial Services Group Inc. lessened its holdings in shares of Philip Morris International Inc. (NYSE:PM) by 3.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,695,886 shares of the company’s stock after selling 99,930 shares during the period. PNC Financial Services Group Inc. owned 0.17% of Philip Morris International worth $219,822,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Alerus Financial NA raised its position in Philip Morris International by 11.3% in the 2nd quarter. Alerus Financial NA now owns 87,413 shares of the company’s stock worth $7,058,000 after buying an additional 8,897 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Philip Morris International by 11.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 201,092 shares of the company’s stock worth $16,235,000 after buying an additional 20,196 shares during the last quarter. Zacks Investment Management raised its position in Philip Morris International by 7.4% in the 2nd quarter. Zacks Investment Management now owns 527,234 shares of the company’s stock worth $42,569,000 after buying an additional 36,303 shares during the last quarter. IMA Wealth Inc. purchased a new position in Philip Morris International in the 2nd quarter worth about $149,000. Finally, Jupiter Asset Management Ltd. raised its position in Philip Morris International by 102.3% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 72,816 shares of the company’s stock worth $5,879,000 after buying an additional 36,816 shares during the last quarter. Hedge funds and other institutional investors own 72.31% of the company’s stock.

PM has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Philip Morris International from a “hold” rating to a “sell” rating in a research report on Monday, September 24th. Jefferies Financial Group lowered Philip Morris International from a “buy” rating to a “hold” rating and set a $80.00 target price for the company. in a research report on Friday, August 24th. ValuEngine raised Philip Morris International from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Citigroup boosted their target price on Philip Morris International from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, September 21st. Finally, Societe Generale set a $95.00 target price on Philip Morris International and gave the stock a “hold” rating in a research report on Monday, October 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $94.73.

Shares of NYSE:PM opened at $87.63 on Tuesday. The company has a market cap of $134.20 billion, a P/E ratio of 17.77, a P/E/G ratio of 1.98 and a beta of 0.58. Philip Morris International Inc. has a 12-month low of $76.21 and a 12-month high of $111.25.

Philip Morris International (NYSE:PM) last announced its quarterly earnings data on Thursday, October 18th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.28 by $0.16. The company had revenue of $7.50 billion during the quarter, compared to the consensus estimate of $7.16 billion. Philip Morris International had a negative return on equity of 78.80% and a net margin of 8.20%. The firm’s revenue was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $1.27 EPS. On average, research analysts predict that Philip Morris International Inc. will post 5.01 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: “PNC Financial Services Group Inc. Reduces Stake in Philip Morris International Inc. (PM)” was first published by Daily Political and is the sole property of of Daily Political. If you are reading this piece of content on another website, it was stolen and reposted in violation of U.S. & international trademark & copyright legislation. The legal version of this piece of content can be read at https://www.dailypolitical.com/2018/11/20/pnc-financial-services-group-inc-reduces-stake-in-philip-morris-international-inc-pm.html.

Philip Morris International Profile

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.

Further Reading: Systematic Risk and Investors

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

Receive News & Ratings for Philip Morris International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Philip Morris International and related companies with MarketBeat.com's FREE daily email newsletter.