Altria Group Inc (NYSE:MO) announced a quarterly dividend on Thursday, August 22nd, Zacks reports. Shareholders of record on Monday, September 16th will be given a dividend of 0.84 per share on Thursday, October 10th. This represents a $3.36 dividend on an annualized basis and a yield of 7.56%. The ex-dividend date of this dividend is Friday, September 13th. This is an increase from Altria Group’s previous quarterly dividend of $0.80.
Altria Group has increased its dividend payment by an average of 10.4% per year over the last three years and has raised its dividend every year for the last 10 years. Altria Group has a payout ratio of 84.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Altria Group to earn $4.47 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 75.2%.
Shares of NYSE:MO traded up $0.20 during trading on Wednesday, reaching $44.44. 12,246,483 shares of the stock traded hands, compared to its average volume of 11,609,659. The stock has a 50-day moving average of $46.40 and a two-hundred day moving average of $51.00. Altria Group has a 52-week low of $42.40 and a 52-week high of $66.04. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.28 and a current ratio of 0.56. The stock has a market cap of $82.27 billion, a P/E ratio of 11.14, a price-to-earnings-growth ratio of 1.38 and a beta of 0.38.
Altria Group announced that its board has approved a share buyback program on Tuesday, July 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 1.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Several research analysts have recently weighed in on MO shares. Piper Jaffray Companies cut Altria Group from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $64.00 to $49.00 in a research note on Monday. Royal Bank of Canada set a $68.00 price objective on Altria Group and gave the company a “buy” rating in a research report on Wednesday, July 31st. Morgan Stanley upgraded Altria Group from an “underweight” rating to an “equal weight” rating and set a $44.00 price objective for the company in a report on Friday, August 23rd. Wells Fargo & Co reissued a “buy” rating on shares of Altria Group in a research report on Monday, August 26th. Finally, ValuEngine cut shares of Altria Group from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $58.57.
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.
Featured Article: Calculating net profit and net profit margin ratio
Receive News & Ratings for Altria Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Altria Group and related companies with MarketBeat.com's FREE daily email newsletter.