Burns J W & Co. Inc. NY trimmed its stake in Altria Group Inc (NYSE:MO) by 8.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,715 shares of the company’s stock after selling 4,052 shares during the period. Burns J W & Co. Inc. NY’s holdings in Altria Group were worth $1,911,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. FMR LLC increased its position in Altria Group by 68.1% in the 1st quarter. FMR LLC now owns 78,710,352 shares of the company’s stock worth $4,520,337,000 after buying an additional 31,883,878 shares during the period. Nuveen Asset Management LLC increased its position in Altria Group by 584.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 8,679,362 shares of the company’s stock worth $410,968,000 after buying an additional 7,411,523 shares during the period. AQR Capital Management LLC increased its position in Altria Group by 74.0% in the 2nd quarter. AQR Capital Management LLC now owns 4,727,202 shares of the company’s stock worth $223,833,000 after buying an additional 2,010,023 shares during the period. Natixis increased its position in Altria Group by 428.3% in the 2nd quarter. Natixis now owns 1,846,808 shares of the company’s stock worth $87,447,000 after buying an additional 1,497,259 shares during the period. Finally, Toronto Dominion Bank increased its position in Altria Group by 73.2% in the 2nd quarter. Toronto Dominion Bank now owns 2,428,023 shares of the company’s stock worth $114,938,000 after buying an additional 1,026,362 shares during the period. 63.25% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have commented on MO. Morgan Stanley set a $44.00 price target on Altria Group and gave the stock a “hold” rating in a research report on Tuesday, September 24th. Goldman Sachs Group downgraded Altria Group from a “buy” rating to a “neutral” rating and set a $49.86 price target on the stock. in a research report on Friday, July 12th. TheStreet downgraded Altria Group from a “b-” rating to a “c+” rating in a research report on Wednesday, August 14th. Cowen reaffirmed a “hold” rating on shares of Altria Group in a research report on Thursday, September 12th. Finally, ValuEngine raised Altria Group from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. Altria Group presently has an average rating of “Hold” and an average price target of $57.53.
Altria Group (NYSE:MO) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.10 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.10. Altria Group had a return on equity of 51.53% and a net margin of 25.04%. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the company posted $1.01 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, analysts expect that Altria Group Inc will post 4.21 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 16th were given a $0.84 dividend. This is an increase from Altria Group’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Friday, September 13th. This represents a $3.36 annualized dividend and a yield of 7.83%. Altria Group’s payout ratio is presently 84.21%.
Altria Group announced that its board has authorized a share repurchase program on Tuesday, July 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 1.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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.
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