Ameriprise Financial Inc. has increased its holdings in Philip Morris International Inc. (NYSE: PM) by 0.5% during the second quarter of 2024, as detailed in a recent disclosure to the Securities and Exchange Commission. The firm now owns 4,814,013 shares of Philip Morris, having acquired an additional 23,476 shares during this period. At the end of the quarter, Ameriprise’s stake was valued at approximately $870.85 million.
Several other institutional investors have also adjusted their positions in Philip Morris. Legacy Investment Solutions LLC and Traub Capital Management LLC each acquired new stakes valued at around $25,000. Abound Wealth Management significantly increased its holdings by 566.7%, now owning 160 shares valued at $29,000 after purchasing an additional 136 shares. Estabrook Capital Management and Briaud Financial Planning Inc. also boosted their stakes, with the latter increasing its holdings by 266.7%.
As a result of these transactions, institutional investors hold approximately 78.63% of Philip Morris’s stock, indicating strong confidence in the company.
Analyst Ratings and Stock Performance
Recent evaluations by analysts have positively impacted the stock’s outlook. Wall Street Zen upgraded Philip Morris from a “hold” to a “buy” rating on November 17, 2024. Stifel Nicolaus set a price target of $180.00, while JPMorgan Chase & Co. revised its target from $190.00 to $185.00, maintaining an “overweight” rating. Morgan Stanley also assigned a price objective of $175.00 with an “overweight” rating. Overall, twelve analysts have rated the stock as a buy, with one holding a neutral stance. The average rating is a “Moderate Buy” with a consensus target price of $189.00, according to MarketBeat.com.
On the trading front, shares of Philip Morris opened at $153.49 on Friday, reflecting a 1.7% increase. The company has a market capitalization of $238.93 billion, a price-to-earnings ratio of 27.81, and a price-to-earnings-growth ratio of 1.80. The stock has fluctuated between a twelve-month low of $116.12 and a high of $186.69.
Financial Results and Upcoming Dividend
Philip Morris International last reported its quarterly earnings on March 28, 2024, posting earnings per share (EPS) of $1.59 and revenue of $8.12 billion. The company recorded a net margin of 9.33% and a negative return on equity of 122.14%. Analysts forecast an EPS of $7.14 for the current fiscal year.
The company also announced a quarterly dividend of $1.47, payable on January 14, 2025, to shareholders of record on December 26, 2024. This represents an annualized dividend of $5.88 and a yield of 3.8%. Notably, the payout ratio stands at 106.52%, indicating a commitment to returning capital to shareholders.
Philip Morris International operates as a tobacco company focused on transitioning towards a smoke-free future. Its product portfolio includes traditional tobacco products as well as smoke-free alternatives, such as heat-not-burn and vapor products, primarily marketed under the IQOS and ZYN brands.
Investors interested in tracking institutional holdings or the latest insights on Philip Morris can visit HoldingsChannel.com for up-to-date information on 13F filings and insider trades.
