Should You Sell Philip Morris International (PM) Now?

Oakmark Funds, an investment management company, released its “Oakmark Equity and Income Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund generated a 7.2% return in the fourth quarter compared to a 6.4% return for the Lipper Balanced Fund Index. 2022 was a tough year for balanced funds, and the fund declined 12.9% in the year, compared to a 14.4% decline for the benchmark index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Oakmark Funds highlighted stocks like Philip Morris International Inc. (NYSE:PM) in its Q4 2022 investor letter. Headquartered in New York, New York, Philip Morris International Inc. (NYSE:PM) is a tobacco company. On January 9, 2023, Philip Morris International Inc. (NYSE:PM) stock closed at $102.30 per share. One-month return of Philip Morris International Inc. (NYSE:PM) was -0.29%, and its shares gained 2.01% of their value over the last 52 weeks. Philip Morris International Inc. (NYSE:PM) has a market capitalization of $158.585 billion.

Oakmark Funds made the following comment about Philip Morris International Inc. (NYSE:PM) in its Q4 2022 investor letter:

“We eliminated four positions during the quarter: Philip Morris International Inc. (NYSE:PM), ConocoPhillips, Global Payments and Johnson Controls. Philip Morris was a frustrating holding because the company’s strong business fundamentals were almost entirely offset by the strengthening dollar throughout our holding period.”

Philip Morris International Inc. (NYSE:PM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 63 hedge fund portfolios held Philip Morris International Inc. (NYSE:PM) at the end of the third quarter, which was 56 in the previous quarter.

We discussed Philip Morris International Inc. (NYSE:PM) in another article and shared the best sin stocks to buy in 2023. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.