Davy Asset Management Ltd bought a new stake in shares of Altria Group Inc (NYSE:MO) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 104,237 shares of the company’s stock, valued at approximately $5,246,000. Altria Group comprises 2.2% of Davy Asset Management Ltd’s investment portfolio, making the stock its 16th largest holding.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Independence Bank of Kentucky lifted its holdings in shares of Altria Group by 13.2% during the second quarter. Independence Bank of Kentucky now owns 14,488 shares of the company’s stock valued at $823,000 after purchasing an additional 1,685 shares during the last quarter. Financial Sense Advisors Inc. lifted its holdings in shares of Altria Group by 1,507.5% during the second quarter. Financial Sense Advisors Inc. now owns 56,262 shares of the company’s stock valued at $3,195,000 after purchasing an additional 52,762 shares during the last quarter. LVW Advisors LLC lifted its holdings in shares of Altria Group by 5.4% during the second quarter. LVW Advisors LLC now owns 59,179 shares of the company’s stock valued at $3,361,000 after purchasing an additional 3,008 shares during the last quarter. Point72 Asia Hong Kong Ltd purchased a new stake in shares of Altria Group during the first quarter valued at $147,000. Finally, Home Federal Bank of Tennessee purchased a new stake in shares of Altria Group during the second quarter valued at $550,000. 63.27% of the stock is owned by institutional investors and hedge funds.
Shares of Altria Group stock opened at $60.79 on Friday. The stock has a market capitalization of $114.34 billion, a P/E ratio of 16.09, a price-to-earnings-growth ratio of 1.72 and a beta of 0.62. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.65 and a quick ratio of 0.31. Altria Group Inc has a 1 year low of $53.91 and a 1 year high of $74.38.
Altria Group (NYSE:MO) last announced its quarterly earnings data on Thursday, July 26th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.01. Altria Group had a return on equity of 48.88% and a net margin of 42.00%. The firm had revenue of $4.88 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same period in the prior year, the business earned $0.85 EPS. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. research analysts forecast that Altria Group Inc will post 4 earnings per share for the current year.
Altria Group declared that its Board of Directors has authorized a stock repurchase program on Thursday, May 17th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Friday, September 14th will be given a $0.80 dividend. This is a positive change from Altria Group’s previous quarterly dividend of $0.70. This represents a $3.20 annualized dividend and a yield of 5.26%. The ex-dividend date of this dividend is Thursday, September 13th. Altria Group’s dividend payout ratio is presently 82.84%.
In other Altria Group news, Director Dinyar S. Devitre sold 3,165 shares of the company’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $58.44, for a total value of $184,962.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.11% of the company’s stock.
Several equities research analysts recently issued reports on MO shares. Jefferies Financial Group set a $70.00 price objective on Altria Group and gave the stock a “buy” rating in a research note on Friday, June 1st. Piper Jaffray Companies set a $75.00 price objective on Altria Group and gave the stock a “buy” rating in a research note on Monday, July 23rd. Consumer Edge started coverage on Altria Group in a research note on Monday, June 11th. They issued an “equal weight” rating and a $69.31 price objective for the company. Zacks Investment Research raised Altria Group from a “sell” rating to a “hold” rating in a research note on Thursday, May 31st. Finally, Morgan Stanley reduced their price objective on Altria Group from $65.00 to $63.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 26th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $71.01.
About Altria Group
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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