Is it Still Safe to Invest in Philip Morris (PM)?

Coho Partners, an investment management firm, published its “Coho Relative Value Equity Fund” third-quarter 2022 investor letter – a copy of which can be downloaded here. Coho Partners’ September was a repeat of August but worse, as an early-month rally was erased by continued inflationary concerns. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, Coho Relative Value Equity Fund mentioned Philip Morris International Inc. (NYSE:PM) and explained its insights for the company. Founded in (year founded), Philip Morris International Inc. (NYSE:PM) is a New York, New York-based multinational tobacco company with a $151.5 billion market capitalization. Philip Morris International Inc. (NYSE:PM) delivered a 2.94% return since the beginning of the year, while its 12-month returns are up by 13.79%. The stock closed at $97.79 per share on November 29, 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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Our calculations show that Philip Morris International Inc. (NYSE:PM) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Philip Morris International Inc. (NYSE:PM) was in 63 hedge fund portfolios at the end of the second quarter of 2022, compared to 56 funds in the previous quarter. Philip Morris International Inc. (NYSE:PM) delivered a 2.41% return in the past 3 months.

In November 2022, we also shared another hedge fund’s views on Philip Morris International Inc. (NYSE:PM) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

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