Bridges Investment Management Inc. boosted its stake in Altria Group Inc (NYSE:MO) by 3.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 192,277 shares of the company’s stock after purchasing an additional 6,610 shares during the period. Bridges Investment Management Inc.’s holdings in Altria Group were worth $10,919,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Quantitative Systematic Strategies LLC purchased a new position in Altria Group in the 1st quarter valued at approximately $280,000. Schwab Charles Investment Management Inc. boosted its position in Altria Group by 17.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 11,564,981 shares of the company’s stock valued at $720,730,000 after buying an additional 1,736,849 shares during the period. Johnson Financial Group Inc. boosted its position in Altria Group by 6.9% in the 1st quarter. Johnson Financial Group Inc. now owns 132,705 shares of the company’s stock valued at $8,270,000 after buying an additional 8,623 shares during the period. Spectrum Management Group Inc. boosted its position in Altria Group by 18.8% in the 1st quarter. Spectrum Management Group Inc. now owns 17,058 shares of the company’s stock valued at $1,063,000 after buying an additional 2,703 shares during the period. Finally, Montag A & Associates Inc. boosted its position in Altria Group by 40.8% in the 1st quarter. Montag A & Associates Inc. now owns 12,952 shares of the company’s stock valued at $807,000 after buying an additional 3,750 shares during the period. Hedge funds and other institutional investors own 63.27% of the company’s stock.
In other news, Director Dinyar S. Devitre sold 3,165 shares of Altria Group stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $58.44, for a total transaction of $184,962.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.11% of the stock is currently owned by insiders.
Several equities analysts have commented on the stock. ValuEngine raised shares of Altria Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 15th. Bank of America set a $70.00 price target on shares of Altria Group and gave the company a “buy” rating in a research report on Thursday. Morgan Stanley decreased their price target on shares of Altria Group from $65.00 to $63.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 26th. Consumer Edge assumed coverage on shares of Altria Group in a research report on Monday, June 11th. They issued an “equal weight” rating and a $69.31 price target for the company. Finally, Jefferies Financial Group set a $70.00 price target on shares of Altria Group and gave the company a “buy” rating in a research report on Friday, June 1st. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $70.95.
Altria Group stock opened at $61.46 on Friday. The firm has a market cap of $112.11 billion, a PE ratio of 18.18, a PEG ratio of 1.69 and a beta of 0.62. Altria Group Inc has a 12-month low of $53.91 and a 12-month high of $74.38. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.65 and a quick ratio of 0.31.
Altria Group (NYSE:MO) last released its quarterly earnings data on Thursday, July 26th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.01. The business had revenue of $4.88 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Altria Group had a net margin of 42.00% and a return on equity of 48.88%. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.85 EPS. sell-side analysts forecast that Altria Group Inc will post 4 earnings per share for the current year.
Altria Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 17th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Stockholders of record on Friday, September 14th will be given a dividend of $0.80 per share. This is a boost from Altria Group’s previous quarterly dividend of $0.70. This represents a $3.20 annualized dividend and a dividend yield of 5.21%. The ex-dividend date is Thursday, September 13th. Altria Group’s payout ratio is 82.84%.
Altria Group Company Profile
Altria Group, Inc, through its subsidiaries, manufactures and sells cigarettes, smokeless products, and wine in the United States. It offers cigarettes primarily under the Marlboro brand; cigars principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands.
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