Webster Bank N. A. boosted its stake in Altria Group Inc (NYSE:MO) by 36.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 8,094 shares of the company’s stock after buying an additional 2,155 shares during the period. Webster Bank N. A.’s holdings in Altria Group were worth $331,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Waters Parkerson & CO. LLC grew its holdings in Altria Group by 0.3% in the second quarter. Waters Parkerson & CO. LLC now owns 73,348 shares of the company’s stock worth $3,473,000 after purchasing an additional 225 shares during the period. Outlook Wealth Advisors LLC grew its holdings in shares of Altria Group by 2.6% during the second quarter. Outlook Wealth Advisors LLC now owns 9,006 shares of the company’s stock valued at $426,000 after buying an additional 225 shares during the last quarter. Busey Wealth Management grew its holdings in shares of Altria Group by 1.5% during the second quarter. Busey Wealth Management now owns 15,478 shares of the company’s stock valued at $732,000 after buying an additional 234 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in shares of Altria Group by 0.6% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 37,591 shares of the company’s stock valued at $1,780,000 after buying an additional 240 shares during the last quarter. Finally, Trust Co. of Toledo NA OH grew its holdings in shares of Altria Group by 5.4% during the second quarter. Trust Co. of Toledo NA OH now owns 4,719 shares of the company’s stock valued at $223,000 after buying an additional 240 shares during the last quarter. Institutional investors and hedge funds own 63.25% of the company’s stock.
A number of brokerages have recently issued reports on MO. Cowen reiterated a “hold” rating on shares of Altria Group in a report on Thursday, September 12th. Wells Fargo & Co reiterated a “buy” rating on shares of Altria Group in a report on Monday, August 26th. Morgan Stanley set a $44.00 price objective on shares of Altria Group and gave the company a “hold” rating in a report on Tuesday, September 24th. Piper Jaffray Companies set a $49.00 price objective on shares of Altria Group and gave the company a “hold” rating in a report on Monday. Finally, Royal Bank of Canada set a $68.00 price objective on shares of Altria Group and gave the company a “buy” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Altria Group currently has an average rating of “Hold” and a consensus target price of $57.53.
Altria Group (NYSE:MO) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.10 EPS for the quarter, hitting the consensus estimate of $1.10. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Altria Group had a net margin of 25.04% and a return on equity of 51.53%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share. Analysts predict that Altria Group Inc will post 4.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Monday, September 16th will be given a $0.84 dividend. This is a positive change from Altria Group’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, September 13th. This represents a $3.36 annualized dividend and a yield of 8.13%. Altria Group’s payout ratio is currently 84.21%.
Altria Group announced that its Board of Directors has approved a stock repurchase program on Tuesday, July 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Altria Group 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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