Wedge Capital Management L L P NC acquired a new position in Altria Group Inc (NYSE:MO) during the second quarter, HoldingsChannel.com reports. The fund acquired 664,740 shares of the company’s stock, valued at approximately $31,475,000.
Several other institutional investors also recently bought and sold shares of the stock. Country Trust Bank lifted its stake in Altria Group by 86.9% in the first quarter. Country Trust Bank now owns 514 shares of the company’s stock valued at $30,000 after buying an additional 239 shares during the period. James Investment Research Inc. acquired a new position in Altria Group in the first quarter valued at approximately $43,000. Creative Financial Designs Inc. ADV lifted its stake in Altria Group by 113.4% in the first quarter. Creative Financial Designs Inc. ADV now owns 783 shares of the company’s stock valued at $45,000 after buying an additional 416 shares during the period. Interactive Financial Advisors lifted its stake in Altria Group by 166.7% in the first quarter. Interactive Financial Advisors now owns 800 shares of the company’s stock valued at $46,000 after buying an additional 500 shares during the period. Finally, HMS Capital Management LLC acquired a new position in Altria Group in the second quarter valued at approximately $41,000. 64.25% of the stock is currently owned by institutional investors.
In other news, VP W Hildebrandt Surgner, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $52.48, for a total transaction of $104,960.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.11% of the company’s stock.
Shares of NYSE MO traded up $0.09 during midday trading on Wednesday, hitting $46.07. 1,695,285 shares of the stock traded hands, compared to its average volume of 9,687,593. The company has a market capitalization of $86.23 billion, a P/E ratio of 11.55, a PEG ratio of 1.45 and a beta of 0.38. Altria Group Inc has a one year low of $42.40 and a one year high of $66.04. The company’s 50 day moving average is $48.51. The company has a current ratio of 0.56, a quick ratio of 0.28 and a debt-to-equity ratio of 1.87.
Altria Group (NYSE:MO) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.10 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.10. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. Altria Group had a return on equity of 51.53% and a net margin of 25.04%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.01 earnings per share. Research analysts predict that Altria Group Inc will post 4.17 earnings per share for the current fiscal year.
Altria Group announced that its Board of Directors has initiated a stock buyback program on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 1.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is 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.
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