Decrease in Korea Investment CORP's stake in Philip Morris

Nov.23.2023

Korea Investment Corp reduced its stake in Philip Morris International by 5.9% in Q2, according to recent filings.

According to a report from the Slate Sentinel, Korea Investment Corporation (KIC), a South Korean investment company, has reduced its stake in American tobacco giant Philip Morris International (PMI) by 5.9% in the second quarter. The most recent 13F filing reveals that the institutional investor sold 78,608 shares, resulting in their current ownership of 1,242,845 shares in the company.

Currently, its market share represents approximately 0.08% of the company's total market capitalization, with a value of approximately $121 million. Additionally, several hedge funds and other institutional investors have recently adjusted their holdings in Philip Morris International (PMI).

The stock of Philip Morris International (PMI) rose by $0.31 to reach $92.69 during midday trading on Tuesday. The trading volume for the day stood at 797,685 shares, comparatively lower than the average trading volume of 4,259,970 shares. The company currently has a market value of $14.389 billion, with an earnings per share ratio of 17.95 and a dividend growth rate of 2.16.

References:

[1] Korea Investment CORP Sells 78,608 Shares of Philip Morris International Inc. (NYSE:PM)

Also Read:

[1] PMI's Acquisition of Swedish Match: Driving Growth in E-cigarette Market

[2] PMI CEO Presents Sustainable Initiatives and Smoke-free Products Development

[3] Bronte Capital's PMI Holdings Increased to $26.5 Million

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