Point72 Hong Kong Ltd lifted its stake in Altria Group Inc (NYSE:MO) by 439.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,359 shares of the company’s stock after acquiring an additional 12,514 shares during the period. Point72 Hong Kong Ltd’s holdings in Altria Group were worth $727,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Grimes & Company Inc. lifted its stake in shares of Altria Group by 9.3% in the 1st quarter. Grimes & Company Inc. now owns 8,387 shares of the company’s stock worth $481,000 after acquiring an additional 717 shares during the period. FMR LLC lifted its stake in Altria Group by 68.1% during the first quarter. FMR LLC now owns 78,710,352 shares of the company’s stock valued at $4,520,337,000 after purchasing an additional 31,883,878 shares during the last quarter. Natixis lifted its stake in Altria Group by 428.3% during the second quarter. Natixis now owns 1,846,808 shares of the company’s stock valued at $87,447,000 after purchasing an additional 1,497,259 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Altria Group by 78.2% during the first quarter. Clearbridge Investments LLC now owns 347,017 shares of the company’s stock valued at $19,929,000 after purchasing an additional 152,302 shares during the last quarter. Finally, Laurel Wealth Advisors Inc. lifted its stake in Altria Group by 15.4% during the first quarter. Laurel Wealth Advisors Inc. now owns 54,949 shares of the company’s stock valued at $3,156,000 after purchasing an additional 7,339 shares during the last quarter. 63.25% of the stock is owned by institutional investors.
Shares of MO stock traded up $0.69 during trading hours on Friday, reaching $40.81. 31,268,107 shares of the stock traded hands, compared to its average volume of 14,424,654. Altria Group Inc has a 1-year low of $39.30 and a 1-year high of $66.04. The business has a fifty day moving average price of $44.98 and a 200 day moving average price of $50.53. The company has a quick ratio of 0.28, a current ratio of 0.56 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $76.29 billion, a PE ratio of 10.23, a PEG ratio of 1.28 and a beta of 0.38.
Altria Group announced that its board has initiated a share buyback plan on Tuesday, July 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 1.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.84 per share. The ex-dividend date is Friday, September 13th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 8.23%. This is a positive change from Altria Group’s previous quarterly dividend of $0.80. Altria Group’s payout ratio is currently 84.21%.
MO has been the subject of several recent research reports. Royal Bank of Canada set a $68.00 target price on shares of Altria Group and gave the company a “buy” rating in a research note on Wednesday, July 31st. Piper Jaffray Companies lowered shares of Altria Group from an “overweight” rating to a “neutral” rating and cut their target price for the company from $64.00 to $49.00 in a research note on Monday, September 9th. Morgan Stanley raised shares of Altria Group from an “underweight” rating to an “equal weight” rating and set a $44.00 target price for the company in a research note on Friday, August 23rd. Wells Fargo & Co reissued a “buy” rating on shares of Altria Group in a research note on Monday, August 26th. Finally, Cowen reissued a “hold” rating on shares of Altria Group in a research note on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus 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.
Further Reading: The limitations of an equal weight rating
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