PMI Sees Increased Institutional Holdings Amid Strong Q3 Performance

Nov.25.2024
PMI Sees Increased Institutional Holdings Amid Strong Q3 Performance
Institutional investors, including Daiwa Securities Group, increased their stakes in PMI during the third quarter of 2024. This activity aligns with PMI's strong financial performance and strategic focus on smoke-free products.

Daiwa Securities Group, Japan's second-largest securities brokerage and investment firm, increased its holdings in Philip Morris International(NYSE: PM) by 19.5% during the third quarter of 2024, according to MarketBeat. The firm acquired an additional 52,692 shares, bringing its total to 322,963 shares valued at approximately $39.2 million.

 

Other institutional investors also adjusted their stakes during the same period. Hartford Funds Management Co LLC, a U.S.-based asset management firm, raised its holdings by 2.1% to 9,971 shares worth $1.21 million. Pekin Hardy Strauss Inc., which advises high-net-worth clients, increased its position by 1.3% to 29,281 shares valued at $3.56 million. Collectively, institutional investors and hedge funds own 78.63% of PMI's stock.

 

This increased institutional interest aligns with PMI's robust financial performance in the third quarter of 2024. It reported strong Q3 earnings on October 22. Earnings per share (EPS) reached $1.91, exceeding analysts' estimates of $1.82. Revenue grew 8.4% year-over-year to $9.91 billion. Additionally, PMI raised its quarterly dividend by 3.8% to $1.35 per share, further showcasing its financial stability and commitment to shareholder returns.

 

The stock opened at $129.99 on Friday, with a 52-week low of $87.82 and a 52-week high of $134.15. It has a market capitalization of $202.11 billion, a price-to-earnings (P/E) ratio of 20.63, a PEG ratio of 2.30, and a beta of 0.54.

 

PMI's 2024 full-year forecast includes planned capital expenditures of approximately $1.4 billion, including further investments in ZYN capacity in the U.S. 

 

The forecast also accounts for a $0.42 per share amortization of acquired intangibles, primarily related to IQOS commercialization rights in the U.S. following the termination of its partnership with Altria Group, effective May 1.

 

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