Cedar Wealth Management LLC lowered its stake in shares of Altria Group Inc (NYSE:MO) by 3.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 416,595 shares of the company’s stock after selling 13,473 shares during the period. Altria Group makes up 11.4% of Cedar Wealth Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Cedar Wealth Management LLC’s holdings in Altria Group were worth $17,039,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in MO. Vanguard Group Inc. increased its position in shares of Altria Group by 0.4% during the second quarter. Vanguard Group Inc. now owns 147,103,311 shares of the company’s stock worth $6,965,342,000 after acquiring an additional 525,023 shares in the last quarter. Janus Henderson Group PLC grew its position in Altria Group by 2.8% in the 2nd quarter. Janus Henderson Group PLC now owns 18,731,425 shares of the company’s stock worth $886,937,000 after purchasing an additional 514,526 shares in the last quarter. Invesco Ltd. grew its position in Altria Group by 5.3% in the 2nd quarter. Invesco Ltd. now owns 16,374,473 shares of the company’s stock worth $775,331,000 after purchasing an additional 817,834 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Altria Group by 4.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 14,453,582 shares of the company’s stock worth $684,378,000 after purchasing an additional 552,118 shares in the last quarter. Finally, Morgan Stanley grew its position in Altria Group by 11.0% in the 2nd quarter. Morgan Stanley now owns 8,811,852 shares of the company’s stock worth $417,241,000 after purchasing an additional 870,944 shares in the last quarter. Hedge funds and other institutional investors own 63.28% of the company’s stock.
MO has been the subject of a number of recent analyst reports. Barclays set a $50.00 price objective on shares of Altria Group and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Altria Group in a research report on Monday, August 26th. Argus set a $60.00 price objective on shares of Altria Group and gave the stock a “buy” rating in a research report on Thursday, October 10th. ValuEngine raised shares of Altria Group from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Altria Group in a research report on Tuesday, October 15th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $55.35.
Altria Group (NYSE:MO) last released its earnings results on Tuesday, July 30th. The company reported $1.10 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.10. Altria Group had a net margin of 25.04% and a return on equity of 51.53%. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the prior year, the firm earned $1.01 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. Equities analysts expect that Altria Group Inc will post 4.2 EPS for the current fiscal year.
Altria Group declared that its board has authorized a share buyback plan on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 1.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Monday, September 16th were given a dividend of $0.84 per share. This is an increase from Altria Group’s previous quarterly dividend of $0.80. This represents a $3.36 dividend on an annualized basis and a dividend yield of 7.16%. The ex-dividend date was Friday, September 13th. Altria Group’s dividend payout ratio is currently 84.21%.
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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