Philip Morris International (PMI) has seen increased institutional backing, with UBS Asset Management Americas LLC (UBS AM), a global asset manager, raising its stake in PMI by 3.3% during Q3 2024, as reported by MarketBeat on November 28.
UBS AM now holds 5,355,156 shares of PMI, valued at $650.1 million, based on its most recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC). This includes the purchase of an additional 173,229 shares, bringing its total stake to approximately 0.34% of the company.
In addition to UBS AM, Iron Horse Wealth Management increased its PMI holding by over 680% in Q2 2024. Sachetta LLC and Fortitude Family Office LLC also raised their stakes during the same period. As a result, institutional ownership now represents 78.63% of PMI’s shares.
On the insider side, PMI Chairman Andre Calantzopoulos sold 101,918 shares on October 23, totaling $13.23 million at an average price of $129.85 per share. Despite this sale, Calantzopoulos retains a substantial 959,761 shares in PMI.
Werner Barth, PMI's Chief Financial Officer, also sold 7,500 shares for nearly $1 million, representing a 7.29% reduction in his holdings.
While the increase in institutional backing signals confidence in PMI's strategic direction, the insider sales by key executives may raise questions about the company's near-term outlook.
For Q3 2024, the company reported earnings of $1.91 per share. Revenue for the quarter came in at $9.91 billion. PMI also declared a quarterly dividend of $1.35 per share, an increase from the previous $1.30 dividend.
Shares of PMI closed at $131.82 on Thursday, down $0.46. The stock's 50-day moving average is $125.50, and its 200-day moving average is $115.53. PMI's 52-week range is $87.82 to $134.15, with a market capitalization of $204.96 billion.
