5 Large-Cap Stocks Hedge Funds Are Dumping

4. Philip Morris International Inc. (NYSE:PM)

Number of Hedge Fund Holders: 47

Number of Hedge Funds That Sold: 16

This March, UBS analyst Andrei Condrea upgraded Philip Morris International Inc. (NYSE:PM) to Buy from Neutral and raised his price target on the shares to $116 from $106. As of March 2, Philip Morris International Inc. (NYSE:PM) has lost 2.63% year to date.

In Q4 2022, 16 hedge funds dumped their positions in Philip Morris International Inc. (NYSE:PM). At the end of Q4 2022, 47 hedge funds were long Philip Morris International Inc. (NYSE:PM) and disclosed positions worth $6.20 billion in the company. This is compared to 63 positions in the previous quarter with stakes worth $4.68 billion.

As of December 31, GQG Partners is the top shareholder in Philip Morris International Inc. (NYSE:PM) and has a position worth $2.45 billion in the company.

Here is what Distillate Capital had to say about Philip Morris International Inc. (NYSE:PM) in its fourth-quarter 2022 investor letter:

“It makes intuitive sense that our process that employs bottom-up stock selection based on the combination of valuation and quality would reduce the weight in places that outperformed and add to areas that were weaker. The largest exited positions in the quarter were Philip Morris International Inc. (NYSE:PM), which saw its stability score fall slightly below the threshold for inclusion.”