Short Interest in Philip Morris International Inc. (NYSE:PM) Drops By 13.2%

Philip Morris International Inc. (NYSE:PM) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 11,267,800 shares, a drop of 13.2% from the June 30th total of 12,988,700 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily volume of 4,920,000 shares, the days-to-cover ratio is currently 2.3 days.

In related news, VP Michael R. Kunst purchased 500 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $80.74 per share, with a total value of $40,370.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mario Masseroli sold 1,100 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $87.42, for a total value of $96,162.00. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Philip Morris International by 1.0% during the second quarter. Vanguard Group Inc. now owns 125,492,442 shares of the company’s stock worth $9,854,922,000 after buying an additional 1,295,745 shares during the period. BlackRock Inc. boosted its position in shares of Philip Morris International by 5.1% during the second quarter. BlackRock Inc. now owns 100,831,956 shares of the company’s stock worth $7,918,335,000 after buying an additional 4,879,296 shares during the period. Morgan Stanley boosted its position in shares of Philip Morris International by 16.9% during the second quarter. Morgan Stanley now owns 34,485,714 shares of the company’s stock worth $2,708,164,000 after buying an additional 4,998,070 shares during the period. Invesco Ltd. boosted its position in shares of Philip Morris International by 41.5% during the second quarter. Invesco Ltd. now owns 30,080,523 shares of the company’s stock worth $2,362,224,000 after buying an additional 8,824,567 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Philip Morris International by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 16,736,970 shares of the company’s stock worth $1,314,354,000 after buying an additional 358,545 shares during the period. Institutional investors and hedge funds own 73.70% of the company’s stock.

Several equities research analysts have issued reports on the company. ValuEngine cut Philip Morris International from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Bank of America raised Philip Morris International from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $81.00 to $94.00 in a research note on Friday, May 17th. Zacks Investment Research raised Philip Morris International from a “sell” rating to a “hold” rating in a research note on Thursday, May 23rd. Societe Generale raised Philip Morris International from a “hold” rating to a “buy” rating in a research note on Tuesday, May 7th. Finally, Morgan Stanley cut their target price on Philip Morris International from $94.00 to $86.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $93.92.

PM stock traded up $0.43 during midday trading on Friday, hitting $84.92. 1,841,670 shares of the company’s stock were exchanged, compared to its average volume of 5,284,436. The business has a 50-day simple moving average of $82.74 and a two-hundred day simple moving average of $83.57. The stock has a market capitalization of $132.12 billion, a PE ratio of 16.65, a P/E/G ratio of 2.05 and a beta of 0.96. Philip Morris International has a 1-year low of $64.67 and a 1-year high of $92.74.

Philip Morris International (NYSE:PM) last posted its earnings results on Thursday, July 18th. The company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.13. The company had revenue of $7.70 billion during the quarter, compared to analysts’ expectations of $7.42 billion. Philip Morris International had a negative return on equity of 80.96% and a net margin of 10.03%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.41 earnings per share. Equities research analysts forecast that Philip Morris International will post 5.21 earnings per share for the current fiscal year.

Philip Morris International Company Profile

Philip Morris International Inc, through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, and smoke-free products and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Marlboro, and HEETS FROM MARLBORO brands, as well as the Marlboro HeatSticks and Parliament HeatSticks brands.

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