Independence Bank of Kentucky increased its stake in Altria Group Inc (NYSE:MO) by 13.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,488 shares of the company’s stock after buying an additional 1,685 shares during the quarter. Independence Bank of Kentucky’s holdings in Altria Group were worth $823,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of MO. Global X Management Co. LLC lifted its stake in shares of Altria Group by 9.8% during the 1st quarter. Global X Management Co. LLC now owns 138,740 shares of the company’s stock valued at $8,646,000 after buying an additional 12,332 shares in the last quarter. Ashfield Capital Partners LLC lifted its stake in shares of Altria Group by 4.2% during the 1st quarter. Ashfield Capital Partners LLC now owns 22,951 shares of the company’s stock valued at $1,430,000 after buying an additional 915 shares in the last quarter. Hennessy Advisors Inc. lifted its stake in shares of Altria Group by 84.6% during the 1st quarter. Hennessy Advisors Inc. now owns 129,200 shares of the company’s stock valued at $8,052,000 after buying an additional 59,200 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Altria Group by 2.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 101,080 shares of the company’s stock worth $6,299,000 after purchasing an additional 2,215 shares in the last quarter. Finally, D.B. Root & Company LLC lifted its stake in Altria Group by 9.4% in the 1st quarter. D.B. Root & Company LLC now owns 21,726 shares of the company’s stock worth $1,354,000 after purchasing an additional 1,873 shares in the last quarter. Institutional investors and hedge funds own 62.92% of the company’s stock.
MO has been the topic of several recent analyst reports. ValuEngine cut shares of Altria Group from a “hold” rating to a “sell” rating in a research note on Monday, April 23rd. Piper Jaffray Companies set a $75.00 target price on shares of Altria Group and gave the stock a “buy” rating in a research note on Monday, April 23rd. Morgan Stanley lowered their target price on shares of Altria Group from $70.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Friday, April 27th. Royal Bank of Canada upgraded shares of Altria Group from a “sector perform” rating to an “outperform” rating in a research note on Monday, April 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut shares of Altria Group from a “hold” rating to a “sell” rating in a research note on Monday, May 14th. Two analysts have rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $71.61.
Shares of NYSE:MO opened at $61.00 on Monday. The firm has a market capitalization of $111.32 billion, a PE ratio of 18.05, a P/E/G ratio of 1.72 and a beta of 0.65. Altria Group Inc has a one year low of $53.91 and a one year high of $74.38. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.31 and a current ratio of 0.65.
Altria Group (NYSE:MO) last issued its quarterly earnings results on Thursday, July 26th. The company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.01. The firm had revenue of $4.88 billion for the quarter, compared to analyst estimates of $5.02 billion. Altria Group had a net margin of 42.00% and a return on equity of 48.88%. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.85 EPS. research analysts expect that Altria Group Inc will post 4 EPS for the current fiscal year.
Altria Group declared that its Board of Directors has approved a share buyback program on Thursday, May 17th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are 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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