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Bank of New York Mellon increases stake in Philip Morris International, which reported strong earnings.
Bank of New York Mellon Corp has increased its stake in Philip Morris International (PMI) by 6.4%, holding shares worth $2.39 billion.
PMI's latest earnings beat expectations, with EPS of $1.69 and revenue up 5.8% to $9.30 billion.
Analysts predict PMI will post 7.14 EPS for the year.
The stock, trading at $179, has a market cap of $278.62 billion and a P/E ratio of 36.91.
PMI, focusing on smoke-free products, saw various institutional investors adjust their holdings.
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Bank of New York Mellon aumenta su participación en Philip Morris International, que reportó fuertes ganancias.