Major institutional investors expanded their stakes in Philip Morris International during the fourth quarter, signaling confidence in the tobacco and smoke-free products company.

What happened: Large fund managers including Capital Research Global Investors (which boosted its stake by 25.3%), Capital International Investors (up 13.7%), and Vanguard Group Inc. (up 1.3%) all added shares during the fourth quarter. Institutional investors now own 78.63% of the company's stock. Bank of America and Needham & Company LLC both maintain "buy" ratings on the stock.

Why it matters: Philip Morris International manufactures traditional cigarettes and smoke-free alternatives like heated tobacco systems for adult smokers outside the U.S. The company reported quarterly revenue of $10.15 billion（約1.6兆円） (up 9.1% year-over-year) and exceeded earnings expectations, which may explain why multiple large institutional money managers chose to increase their exposure in the period.

What to watch: The company has set FY 2026 guidance at 8.360–8.510 EPS and pays a quarterly dividend of $1.47 per share (equivalent to a $5.88 annualized dividend and 3.2% dividend yield). Analyst consensus rates the stock as "Moderate Buy" with an average price target of $192.88.