Spirepoint Boosts Stake in Philip Morris International by 397.5%

Spirepoint Private Client LLC significantly increased its investment in Philip Morris International Inc. (NYSE: PM) by an impressive 397.5% during the third quarter of 2023, as revealed in its recent 13F filing with the U.S. Securities and Exchange Commission. The firm acquired an additional 6,603 shares, bringing its total to 8,264 shares, valued at approximately $1.34 million at the end of the reporting period.

This substantial acquisition comes as other institutional investors and hedge funds also adjusted their holdings in Philip Morris International. For example, Corient Private Wealth LLC increased its stake by 1.2% in the second quarter, now owning 490,590 shares valued at around $89.35 million after adding 5,681 shares. Similarly, Westwood Holdings Group Inc. raised its holdings by an extraordinary 295.8%, acquiring 50,610 shares for a total of 67,717 shares worth approximately $12.33 million.

In a notable move, Prudential Financial Inc. boosted its position by 88.9%, now holding 2,138,118 shares valued at about $389.42 million, after purchasing an additional 1,006,014 shares. Trek Financial LLC also raised its stake significantly by 732.3%, owning 42,829 shares worth approximately $7.80 million. Lastly, Klingman & Associates LLC increased its holdings by 44.5%, now owning 6,615 shares valued at around $1.21 million. Currently, institutional investors and hedge funds control 78.63% of Philip Morris International’s stock.

Analysts’ Perspectives and Stock Performance

Philip Morris International has attracted attention from several analysts who have changed their ratings on the stock. On October 21, 2023, Stifel Nicolaus set a price target of $180.00 per share. Subsequently, Wall Street Zen upgraded its rating from “hold” to “buy” on November 17, 2023. The Goldman Sachs Group reaffirmed its “buy” rating, while Barclays lowered its price target from $220.00 to $180.00, maintaining an “overweight” rating. Additionally, Morgan Stanley set a price objective of $175.00 and assigned an “overweight” rating.

Currently, twelve research analysts rate the stock as a “buy,” with one indicating a “hold.” According to data from MarketBeat, the average rating stands at “Moderate Buy,” with an average price target of $189.00.

On November 21, 2023, Philip Morris International’s stock opened at $160.00, reflecting a 0.2% decrease. The company boasts a market capitalization of $249.06 billion and a price-to-earnings ratio of 28.99. The stock has experienced a 12-month low of $116.12 and a 12-month high of $186.69.

Recent Earnings and Dividend Announcement

Philip Morris International last reported its earnings on March 28, 2023, revealing earnings per share (EPS) of $1.59 for the quarter, alongside revenues of $8.12 billion. The company has a negative return on equity of 122.14% and a net margin of 9.33%. Analysts predict that the firm will post an EPS of $7.14 for the current year.

Additionally, the company announced a quarterly dividend of $1.47, scheduled for payment on January 14, 2024, to stockholders of record on December 26, 2023. This represents an annualized dividend of $5.88 and a dividend yield of 3.7%, although the current dividend payout ratio stands at 106.52%.

About Philip Morris International

Philip Morris International Inc. is a global tobacco company that manufactures and sells cigarettes, nicotine products, and a growing array of smoke-free alternatives for adult smokers. Established as an independent publicly traded company following its separation from what is now Altria in 2008, Philip Morris International has focused on international markets beyond the United States. The company’s product portfolio includes traditional combustible cigarettes and innovative smoke-free offerings, such as heated tobacco systems and reduced-risk products.