Franklin Resources Inc. cut its stake in shares of Philip Morris International Inc. (NYSE:PM) by 4.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,103,206 shares of the company’s stock after selling 254,287 shares during the quarter. Franklin Resources Inc. owned approximately 0.39% of Philip Morris International worth $497,656,000 as of its most recent filing with the SEC, Fairfield Current reported.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Shine Investment Advisory Services Inc. increased its stake in shares of Philip Morris International by 90.7% in the second quarter. Shine Investment Advisory Services Inc. now owns 1,245 shares of the company’s stock valued at $101,000 after buying an additional 592 shares in the last quarter. Landaas & Co. WI ADV acquired a new stake in shares of Philip Morris International in the second quarter valued at $106,000.
Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Philip Morris International in the second quarter valued at $108,000. Westbourne Investment Advisors Inc. acquired a new stake in shares of Philip Morris International in the third quarter valued at $148,000. Finally, IMA Wealth Inc. acquired a new stake in shares of Philip Morris International in the second quarter valued at $149,000. 72.31% of the stock is owned by institutional investors.
Shares of PM stock opened at $86.39 on Thursday. The stock has a market capitalization of $132.21 billion, a P/E ratio of 17.52, a PEG ratio of 1.95 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 EPS for the quarter, topping the Zacks’ consensus estimate of $1.28 by $0.16. The firm had revenue of $7.50 billion during the quarter, compared to analyst estimates of $7.16 billion. Philip Morris International had a negative return on equity of 78.80% and a net margin of 8.20%. The company’s revenue was up .4% on a year-over-year basis. During the same period last year, the company earned $1.27 earnings per share. Analysts anticipate that Philip Morris International Inc. will post 5.01 EPS for the current year.
A number of brokerages have recently weighed in on PM. Zacks Investment Research upgraded Philip Morris International from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Societe Generale set a $95.00 target price on Philip Morris International and gave the company a “hold” rating in a research note on Monday, October 22nd. Citigroup lifted their price objective on Philip Morris International from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, October 19th. ValuEngine upgraded Philip Morris International from a “sell” rating to a “hold” rating in a research report on Thursday, October 18th.
Finally, Sanford C. Bernstein initiated coverage on Philip Morris International in a research report on Tuesday, October 16th. They issued an “outperform” rating and a $97.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company. Philip Morris International presently has an average rating of “Hold” and a consensus target price of $94.73.