MainStreet Investment Advisors LLC cut its position in Altria Group, Inc. (NYSE:MO) by 7.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 102,636 shares of the company’s stock after selling 8,584 shares during the quarter. MainStreet Investment Advisors LLC’s holdings in Altria Group were worth $4,208,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Lipe & Dalton purchased a new position in shares of Altria Group in the 3rd quarter worth approximately $26,000. Baron Financial Group LLC purchased a new position in shares of Altria Group in the 3rd quarter worth approximately $27,000. Financial Avengers Inc. purchased a new position in shares of Altria Group in the 4th quarter worth approximately $29,000. Kathmere Capital Management LLC purchased a new position in shares of Altria Group in the 3rd quarter worth approximately $33,000. Finally, Addison Advisors LLC purchased a new position in shares of Altria Group in the 4th quarter worth approximately $33,000. 62.18% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently commented on MO. Royal Bank of Canada reiterated a “buy” rating on shares of Altria Group in a research note on Sunday, January 31st. Piper Sandler lifted their target price on shares of Altria Group from $47.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, December 11th. Sanford C. Bernstein began coverage on shares of Altria Group in a research note on Tuesday, January 19th. They issued an “outperform” rating and a $53.00 target price for the company. TheStreet upgraded shares of Altria Group from a “c” rating to a “b-” rating in a research note on Thursday, January 28th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Altria Group from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, January 22nd. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $50.00.
Altria Group (NYSE:MO) last posted its earnings results on Wednesday, January 27th. The company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.02 by ($0.03). Altria Group had a net margin of 2.84% and a return on equity of 148.93%. The firm had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.95 billion. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts predict that Altria Group, Inc. will post 4.37 EPS for the current fiscal year.
Altria Group announced that its Board of Directors has approved a stock repurchase program on Thursday, January 28th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 2.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.
About Altria Group
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, as well as provides on! oral nicotine pouches.
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