Philippe Laffont’s Coatue Takes Fresh Stake in Philip Morris International Inc. (PM)
Though primarily known for its focus on tech stocks, billionaire investor Philippe Laffont’s Coatue Management recently made a notable move by adding Philip Morris International Inc. (NYSE:PM) to its portfolio. The tobacco giant, traditionally seen as part of a defensive sector, now presents growth potential, thanks largely to its expanding lineup of smokeless products like Zyn and Iqos.
Philippe Laffont of Coatue Management
Philip Morris International Inc. (NYSE:PM) is an American multinational tobacco company with its smoke-free products available in 95 markets, offering better alternatives for legal-age adults. Laffont, whose top holdings are largely tech-focused, took a 1.09% position in Philip Morris during the first quarter by purchasing over 1.5 million shares valued at around $247 million. While the investment marks a shift from his usual strategy, analysts suggest it aligns with a broader theme of growth-focused investing, as Philip Morris International Inc. (NYSE:PM) increasingly pivots toward next-generation tobacco alternatives.
In addition to this, Philip Morris International Inc. (NYSE:PM) has also offered steady dividends to shareholders over the years. The company currently offers a quarterly dividend of $1.35 per share and has a dividend yield of 3.17%, as of May 18. The company holds a 15-year streak of consistent dividend growth. With a 12-month return of over 71%, PM has outperformed the market by a wide margin.
While we acknowledge the potential of PM to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PM and that has 100x upside potential, check out our report about this cheapest AI stock.
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