Korean Investment Firm Sells 78,608 Shares of Philip Morris International

A South Korean investment firm has reduced its stake in Philip Morris International, decreasing its ownership by 5.9%. Philip Morris International's stock rose by $0.31 during midday trading.

According to Slatersentinel, Korea Investment CORP has decreased its stake in the American tobacco giant Philip Morris International by 5.9% in the second quarter. Recent 13F filings show that the institutional investor sold 78,608 shares, bringing its total holdings to 1,242,845 shares. 

Currently, its stake represents about 0.08% of the company's total market value, worth approximately $121 million. Additionally, several hedge funds and other institutional investors have also recently adjusted their holdings in Philip Morris International. 

Philip Morris International's stock rose by $0.31 to $92.69 during midday trading on Tuesday. The trading volume for the day was 797,685 shares, which is lower compared to its average trading volume of 4,259,970 shares. The company's current market capitalization is $14.389 billion, with a price-to-earnings ratio of 17.95 and a dividend growth rate of 2.16.