Arrowstreet Global Equity Review: Performance, AUM, Founders

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

Philip Morris International Inc. (NYSE:PM) saw Arrowstreet inch up its stake by 6% over the quarter to 5.09 million shares worth $597.33 million at the end of June.  A total of 44 funds tracked by Insider Monkey held shares of Philip Morris International Inc. (NYSE:PM) at the end of June, unchanged over the quarter. Philip Morris International Inc. (NYSE:PM)’s stock has advanced by nearly 30% since the beginning of the year, even though it missed the consensus estimates in the last two quarters. The company is currently paying a dividend of $1.04, but it is expected that it will increase it in a couple of weeks. In addition, Philip Morris International Inc. (NYSE:PM) has been taking steps to minimize the effects of lower number of smokers around the world. It has introduced iQOS, a smokeless device, which employs heating rather than burning of tobacco. The product has been a success in several countries and Piper Jaffray analysts have recently said that the iQOS product will deliver an upside to Philip Morris International Inc. (NYSE:PM)’s bottom line.

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