5 Best Stocks To Buy For Income

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

Number of Hedge Fund Holders: 63

Dividend Yield as of February 14: 4.99%

One of the companies comprising Big Tobacco, Philip Morris International Inc. (NYSE:PM) is an American multinational tobacco company, with products sold in over 180 countries. On January 29, Philip Morris International Inc. (NYSE:PM) announced a long-term collaboration with KT&G, South Korea’s leading tobacco and nicotine manufacturer, to continue to commercialize KT&G’s innovative smoke-free devices and consumables on an exclusive, worldwide basis. This agreement builds on three years of successful collaboration that has seen Philip Morris commercialize KT&G’s products in more than 30 markets.

On February 2, Morgan Stanley analyst Pamela Kaufman raised the price target on Philip Morris International Inc. (NYSE:PM) to $118 from $109 and kept an Overweight rating on the shares ahead of the company’s Q4 report. The analyst has increased her 2023 estimates by about 9% to reflect the benefit of the Swedish Match acquisition and improving foreign exchange impacts.

According to Insider Monkey’s data, 63 hedge funds were bullish on Philip Morris International Inc. (NYSE:PM) at the end of Q3 2022, compared to 56 funds in the prior quarter. Rajiv Jain’s GQG Partners is the largest stakeholder of the company, with 17.4 million shares worth $1.4 billion.

Here is what Distillate Capital has to say about Philip Morris International Inc. (NYSE:PM) in its Q3 2022 investor letter:

“It makes intuitive sense that our process that employs bottom-up stock selection based on the combination of valuation and quality would reduce the weight in places that outperformed and add to areas that were weaker. The largest exited positions in the quarter were Philip Morris International Inc. (NYSE:PM), which saw its stability score fall slightly below the threshold for inclusion.”

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