Canada's Fourth-Largest Bank Buys US$148 Million in Philip Morris International Shares

Bank of Montreal, Canada, has purchased approximately US$148 million worth of Philip Morris International shares.

Special Statement: This article is for industry research reference only and does not constitute any investment advice. 

According to a news report from Rivertonroll on October 24, recently disclosed filings with the U.S. Securities and Exchange Commission indicate that Bank of Montreal, Canada’s fourth-largest bank, purchased 1.51 million shares of Philip Morris International (PMI), valued at approximately US$148 million. 

The disclosed information shows that Bank of Montreal acquired the PMI shares in the second quarter of 2023. As of the end of the latest quarter, Bank of Montreal held a 0.10% stake in Philip Morris International. 

Recently, analysts at several Wall Street securities research firms also commented on PMI. 

For example, Morgan Stanley lowered its price target for PMI from US$118.00 to US$113.00 and rated it “overweight” in a research report; Barclays lowered its target price for PMI from US$115.00 to US$110.00 in a research report on Thursday, September 21, and gave the stock an “overweight” rating; UBS also lowered its price target for PMI from US$116.00 to US$112.00 and rated it “buy” in a research report; 22nd Century Group reiterated its rating on PMI stock in a research report. 

Market expectations for Philip Morris International vary, but most still believe the stock is worth buying. One investment analyst gave the stock a sell rating, one analyst gave it a hold rating, and nine analysts gave the company a buy rating.