Chesapeake Wealth Management Trims Stock Holdings in Philip Morris International Inc. (NYSE:PM)

Chesapeake Wealth Management cut its holdings in shares of Philip Morris International Inc. (NYSE:PM) by 4.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,131 shares of the company’s stock after selling 200 shares during the period. Chesapeake Wealth Management’s holdings in Philip Morris International were worth $419,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Iron Horse Wealth Management LLC increased its position in Philip Morris International by 684.4% in the 2nd quarter. Iron Horse Wealth Management LLC now owns 251 shares of the company’s stock valued at $25,000 after acquiring an additional 219 shares during the period. Sachetta LLC raised its stake in shares of Philip Morris International by 64.8% during the second quarter. Sachetta LLC now owns 267 shares of the company’s stock worth $27,000 after purchasing an additional 105 shares during the last quarter. Fortitude Family Office LLC lifted its holdings in shares of 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 period. Boyd Watterson Asset Management LLC OH grew its position in Philip Morris International by 250.0% in the 1st quarter. Boyd Watterson Asset Management LLC OH now owns 322 shares of the company’s stock valued at $30,000 after buying an additional 230 shares during the last quarter. Finally, Olistico Wealth LLC acquired a new position in Philip Morris International in the 2nd quarter valued at $34,000. 78.63% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of Philip Morris International from $120.00 to $138.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Barclays lifted their price objective on Philip Morris International from $130.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, September 9th. UBS Group increased their target price on Philip Morris International from $95.00 to $105.00 and gave the stock a “sell” rating in a research note on Monday, September 9th. StockNews.com raised Philip Morris International from a “hold” rating to a “buy” rating in a report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Philip Morris International from $116.00 to $118.00 and gave the stock a “buy” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $117.05.

Philip Morris International Stock Performance

Philip Morris International stock opened at $120.79 on Friday. Philip Morris International Inc. has a fifty-two week low of $87.23 and a fifty-two week high of $128.22. The firm has a market capitalization of $187.77 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 2.45 and a beta of 0.55. The stock’s fifty day moving average is $118.17 and its two-hundred day moving average is $104.57.

Philip Morris International (NYSE:PM) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.02. Philip Morris International had a net margin of 9.41% and a negative return on equity of 113.32%. The company had revenue of $9.47 billion for the quarter, compared to the consensus estimate of $9.19 billion. During the same quarter in the prior year, the firm earned $1.60 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Philip Morris International Inc. will post 6.45 EPS for the current fiscal year.

Philip Morris International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Thursday, September 26th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Thursday, September 26th. This is a boost from Philip Morris International’s previous quarterly dividend of $1.30. Philip Morris International’s dividend payout ratio is 105.47%.

Insiders Place Their Bets

In other news, insider Massimo Andolina sold 9,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $115.35, for a total value of $1,038,150.00. Following the sale, the insider now directly owns 85,629 shares in the company, valued at $9,877,305.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Massimo Andolina sold 9,000 shares of Philip Morris International stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $115.35, for a total transaction of $1,038,150.00. Following the completion of the sale, the insider now directly owns 85,629 shares in the company, valued at $9,877,305.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Wilde Frederic De sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $113.01, for a total transaction of $2,260,200.00. Following the transaction, the insider now directly owns 158,447 shares in the company, valued at approximately $17,906,095.47. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by company insiders.

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.