5 Best Marijuana Stocks To Buy Now

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

Number of Hedge Fund Holders: 63

Philip Morris International Inc. (NYSE:PM) is an international tobacco company based in the United States that makes and distributes cigarettes and other tobacco-related products. In 2016, Philip Morris International Inc. (NYSE:PM) invested $20 million in the Israeli tech company Syqe Medical, which develops inhalers for cannabis molecules infusion.

On November 02, 2022, Pamela Kaufman, an analyst at Morgan Stanley, increased his price target on Philip Morris International Inc. (NYSE:PM) to $109 while keeping an Overweight rating on the stock. The analyst stated in a research note that the company’s recent agreement with Altria Group, Inc. (NYSE:MO) would allow Philip Morris International Inc. (NYSE:PM) to regain control of IQOS distribution in the United States.

As per Insider Monkey’s database, 63 hedge funds had stakes in Philip Morris International Inc. (NYSE:PM) at the end of the third quarter. GQG Partners remained the leading stakeholder in the company at the end of Q3 2022.

Here is what Coho Relative Value Equity Fund has to say about Philip Morris International Inc. (NYSE:PM) in its Q3 2022 investor letter:

Coho is not immune to the earnings pressure exerted by a strong USD, although the portfolio on the whole has modestly less foreign revenue exposure relative to the S&P 500 Index. The two most impacted Coho stocks includes Philip Morris International, which essentially derives all of its revenues outside the U.S. Harkening back to Table 1, the decline in Philip Morris earnings for 2022 versus the reported earnings in 2021 is entirely related to the strengthening dollar. On a constant currency basis, Philip Morris’ earnings in 2022 would be up mid to high single digits.

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