Recently, according to a recent report from the U.S. Securities and Exchange Commission (SEC), prominent American financial institution Cullen Frost Bankers has increased its holdings in Philip Morris International (PMI) by 1.4%. During this period, after purchasing 4,081 shares, they now own 305,612 shares of PMI, with a total investment value of $29.834 million.
According to reports, Cullen Frost Bankers is a financial services company headquartered in Texas, United States. It primarily offers banking, trust, investment management, and other financial services. As a diversified financial institution, it holds a certain position and influence in the banking and wealth management sectors. The company provides a variety of financial products and services to its clients, including savings accounts, loans, investment management, and wealth planning.
Other hedge funds are also increasing or decreasing their investments in PM. For example, institutions such as LCM Capital Management Inc and Studio Investment Management LLC have increased their investments in PMI. Institutional investors and hedge funds collectively hold 79.70% of the company’s shares.
Several research firms have also released reports on PM. Barclays Bank lowered its target price for Philip Morris International from $115.00 to $110.00 in its report on September 21 and set an “overweight” rating for the company. Jefferies Financial Group, UBS Group, and Bank of America have also lowered their target prices for Philip Morris International’s stock and maintained or set a “buy” rating. According to MarketBeat data, the company currently has an average rating of “hold” and an average target price of $110.73.
Philip Morris International is a company that primarily manufactures cigarettes and smoke-free products, including heated tobacco products, vape pens, and oral nicotine products. Its main brands are IQOS and ZYN. The company also produces consumer accessories such as lighters and matches.