Slagle Financial Reduces Stake in Philip Morris International by 35.5%
Slagle Financial LLC has decreased its position in shares of Philip Morris International Inc. (NYSE: PM) by 35.5% during the second quarter of 2023, as revealed in its latest 13F filing with the Securities and Exchange Commission (SEC). The firm now holds 21,079 shares of the tobacco giant, having sold 11,606 shares during this period. This reduction leaves Philip Morris as the 19th largest holding in Slagle Financial’s portfolio, accounting for 1.5% of total assets.
As of the end of the second quarter, Slagle Financial’s holdings in Philip Morris International were valued at approximately $3.84 million. The move reflects a broader trend among institutional investors, many of whom have been actively adjusting their positions in the company.
Other Institutional Adjustments
Recent filings indicate that several other hedge funds have also modified their investments in Philip Morris International. For instance, Brighton Jones LLC increased its stake by 31.1% in the fourth quarter, now owning 8,531 shares worth $1.03 million after acquiring an additional 2,023 shares. Similarly, Revolve Wealth Partners LLC enhanced its position by 4.5%, bringing its total to 2,097 shares valued at $252,000 following the purchase of 91 shares.
Other notable investors include Capstone Wealth Management Group LLC, which purchased a new position in the first quarter valued at approximately $238,000, and Private Advisor Group LLC, which increased its holdings by 1.7% to 84,986 shares worth $13.49 million. Fountainhead AM LLC also entered the picture, acquiring a new position valued at around $233,000. Notably, institutional investors collectively own 78.63% of Philip Morris International’s stock.
Philip Morris International’s Performance and Dividend Announcements
On the trading front, shares of Philip Morris International opened at $155.35 on Monday, with a 12-month low of $116.12 and a high of $186.69. The company 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 a positive development for shareholders, Philip Morris International recently announced an increase in its quarterly dividend, which was paid on October 20, 2023. Shareholders of record on October 3 received a dividend of $1.47 per share, up from the previous dividend of $1.35. This adjustment translates to an annualized dividend of $5.88 and a yield of 3.8%. The company’s dividend payout ratio currently stands at 106.52%, indicating a commitment to returning value to shareholders.
Analyst Ratings and Future Outlook
Market analysts remain optimistic about Philip Morris International, with several recent reports highlighting its growth potential. The Goldman Sachs Group reiterated a “buy” rating on the stock on October 22, 2023. Needham & Company LLC also maintained a “buy” rating and set a price target of $195.00, while Morgan Stanley assigned a price objective of $175.00 and an “overweight” rating.
Twelve research analysts currently rate the stock as a “Buy,” with one issuing a “Hold” rating. According to data from MarketBeat, the consensus rating for Philip Morris International is “Moderate Buy,” with a target price of $194.00.
Philip Morris International continues to navigate the evolving landscape of the tobacco industry, aiming for a smoke-free future while expanding its portfolio to include innovative products beyond traditional tobacco and nicotine sources.
