Slagle Financial LLC has significantly reduced its investment in shares of Philip Morris International Inc. (NYSE: PM) by 35.5% during the second quarter of 2023. According to its recent 13F filing with the Securities and Exchange Commission (SEC), the firm now holds 21,079 shares of Philip Morris after selling 11,606 shares. This reduction means that Philip Morris International now constitutes 1.5% of Slagle Financial’s portfolio, making it the firm’s 19th largest holding.
As of the end of the second quarter, Slagle Financial’s holdings in Philip Morris were valued at approximately $3,839,000. Other hedge funds have also adjusted their positions regarding PM shares. For instance, Brighton Jones LLC increased its stake by 31.1% during the fourth quarter, bringing its total to 8,531 shares valued at $1,027,000 after acquiring an additional 2,023 shares.
In addition, Revolve Wealth Partners LLC boosted its investment by 4.5%, ending up with 2,097 shares valued at $252,000. Both Capstone Wealth Management Group LLC and Fountainhead AM LLC made new acquisitions of Philip Morris shares in the first quarter, valued at approximately $238,000 and $233,000, respectively. Notably, institutional investors hold 78.63% of Philip Morris’s stock.
Stock Performance and Dividend Increase
On Monday, PM stock opened at $155.35. The company has experienced a 12-month price range with a low of $116.12 and a high of $186.69. Its 50-day moving average stands at $157.45, while the 200-day moving average is at $167.86. Philip Morris International boasts a market capitalization of $241.83 billion, a price-to-earnings (P/E) ratio of 28.14, and a beta of 0.43.
In addition to its stock performance, the company announced a quarterly dividend of $1.47 per share, an increase from the previous dividend of $1.35. This dividend was paid on October 20, 2023, to shareholders on record as of October 3. The annualized dividend now totals $5.88, providing a yield of 3.8%. The current dividend payout ratio sits at 106.52%.
Analyst Ratings and Market Outlook
Philip Morris International has recently garnered attention from various analysts. The Goldman Sachs Group reaffirmed a “buy” rating in a report dated October 22. Similarly, Needham & Company LLC reiterated a “buy” rating and set a price target of $195.00 on shares of Philip Morris. Morgan Stanley issued a price objective of $175.00, giving the company an “overweight” rating in its analysis on October 22.
Furthermore, KGI Securities initiated coverage with an “outperform” rating, while Citigroup also maintained a “buy” rating. Currently, twelve research analysts have assigned a “buy” rating to the stock, with one maintaining a hold rating. According to data from MarketBeat, Philip Morris International holds a consensus rating of “Moderate Buy” with a price target of $194.00.
Philip Morris International Inc. operates as a leading tobacco company with a commitment to delivering a smoke-free future. Its diverse product portfolio includes traditional cigarettes and innovative smoke-free alternatives such as heated tobacco products, vapor, and oral nicotine products, primarily marketed under the IQOS and ZYN brands.
