PMI Sees Increased Institutional Holdings Amid Strong Q3 Performance

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.