Corebridge Financial Inc. Sells 6,869 Shares of Philip Morris International Inc. (NYSE:PM)

Corebridge Financial Inc. reduced its position in shares of Philip Morris International Inc. (NYSE:PM) by 1.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 371,329 shares of the company’s stock after selling 6,869 shares during the quarter. Corebridge Financial Inc.’s holdings in Philip Morris International were worth $44,689,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Range Financial Group LLC boosted its position in shares of Philip Morris International by 504.9% in the 4th quarter. Range Financial Group LLC now owns 22,915 shares of the company’s stock worth $2,758,000 after purchasing an additional 19,127 shares during the last quarter. Park Avenue Securities LLC lifted its stake in Philip Morris International by 18.9% in the fourth quarter. Park Avenue Securities LLC now owns 100,826 shares of the company’s stock valued at $12,134,000 after buying an additional 16,035 shares during the period. CWA Asset Management Group LLC boosted its holdings in Philip Morris International by 37.5% during the fourth quarter. CWA Asset Management Group LLC now owns 24,200 shares of the company’s stock worth $2,912,000 after buying an additional 6,605 shares during the last quarter. Ritholtz Wealth Management grew its position in shares of Philip Morris International by 50.9% during the 4th quarter. Ritholtz Wealth Management now owns 53,884 shares of the company’s stock worth $6,485,000 after buying an additional 18,183 shares during the period. Finally, Brooklyn Investment Group increased its stake in shares of Philip Morris International by 182.4% in the 3rd quarter. Brooklyn Investment Group now owns 6,815 shares of the company’s stock valued at $827,000 after acquiring an additional 4,402 shares during the last quarter. 78.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Philip Morris International

In other news, insider Lars Dahlgren sold 3,679 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $152.96, for a total value of $562,739.84. Following the completion of the transaction, the insider now owns 26,828 shares in the company, valued at $4,103,610.88. This trade represents a 12.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Reginaldo Dobrowolski sold 5,000 shares of Philip Morris International stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $149.88, for a total value of $749,400.00. Following the completion of the sale, the vice president now directly owns 20,799 shares in the company, valued at approximately $3,117,354.12. This represents a 19.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 131,822 shares of company stock valued at $19,655,585. Corporate insiders own 0.13% of the company’s stock.

Philip Morris International Trading Down 0.8 %

PM stock opened at $151.25 on Monday. The stock has a market cap of $235.16 billion, a PE ratio of 33.54, a price-to-earnings-growth ratio of 2.65 and a beta of 0.53. The stock has a 50-day moving average price of $142.37 and a two-hundred day moving average price of $131.22. Philip Morris International Inc. has a 1 year low of $87.82 and a 1 year high of $159.51.

Philip Morris International (NYSE:PM) last announced its earnings results on Thursday, February 6th. The company reported $1.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.06. Philip Morris International had a negative return on equity of 120.08% and a net margin of 7.89%. On average, analysts forecast that Philip Morris International Inc. will post 7.14 earnings per share for the current fiscal year.

Philip Morris International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Thursday, March 20th will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Thursday, March 20th. Philip Morris International’s payout ratio is 119.73%.

Analyst Ratings Changes

Several research analysts recently weighed in on PM shares. StockNews.com lowered shares of Philip Morris International from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Morgan Stanley initiated coverage on shares of Philip Morris International in a research report on Thursday, January 16th. They set an “overweight” rating and a $140.00 price target on the stock. Barclays upped their price objective on shares of Philip Morris International from $145.00 to $175.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Argus upgraded Philip Morris International from a “hold” rating to a “buy” rating in a report on Friday, March 14th. Finally, UBS Group raised their price target on Philip Morris International from $105.00 to $120.00 and gave the stock a “sell” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $144.56.

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.