Baird Financial Group Inc. reduced its position in shares of Altria Group Inc (NYSE:MO) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 235,865 shares of the company’s stock after selling 2,769 shares during the period. Baird Financial Group Inc.’s holdings in Altria Group were worth $13,395,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Pekin Singer Strauss Asset Management IL grew its holdings in shares of Altria Group by 9.9% in the second quarter. Pekin Singer Strauss Asset Management IL now owns 9,510 shares of the company’s stock valued at $540,000 after purchasing an additional 859 shares in the last quarter. Burney Co. grew its holdings in shares of Altria Group by 4.0% in the second quarter. Burney Co. now owns 22,348 shares of the company’s stock valued at $1,269,000 after purchasing an additional 859 shares in the last quarter. Cpwm LLC grew its holdings in shares of Altria Group by 23.9% in the second quarter. Cpwm LLC now owns 4,527 shares of the company’s stock valued at $257,000 after purchasing an additional 874 shares in the last quarter. 180 Wealth Advisors LLC grew its holdings in shares of Altria Group by 3.9% in the second quarter. 180 Wealth Advisors LLC now owns 23,305 shares of the company’s stock valued at $1,323,000 after purchasing an additional 878 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC grew its holdings in shares of Altria Group by 16.4% in the second quarter. Jaffetilchin Investment Partners LLC now owns 6,275 shares of the company’s stock valued at $356,000 after purchasing an additional 882 shares in the last quarter. Hedge funds and other institutional investors own 63.27% of the company’s stock.
In related news, Director Dinyar S. Devitre sold 3,165 shares of Altria Group stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $58.44, for a total value of $184,962.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.11% of the stock is owned by insiders.
Shares of Altria Group stock opened at $60.93 on Friday. Altria Group Inc has a 52-week low of $53.91 and a 52-week high of $74.38. The company has a quick ratio of 0.31, a current ratio of 0.65 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $114.34 billion, a P/E ratio of 18.03, a PEG ratio of 1.72 and a beta of 0.62.
Altria Group (NYSE:MO) last issued its quarterly earnings results on Thursday, July 26th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.01. Altria Group had a net margin of 42.00% and a return on equity of 48.88%. The company had revenue of $4.88 billion during the quarter, compared to the consensus estimate of $5.02 billion. During the same quarter in the previous year, the firm earned $0.85 earnings per share. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. equities research analysts anticipate that Altria Group Inc will post 4 EPS for the current fiscal year.
Altria Group declared that its Board of Directors has initiated a share repurchase program on Thursday, May 17th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 14th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $3.20 dividend on an annualized basis and a yield of 5.25%. This is an increase from Altria Group’s previous quarterly dividend of $0.70. Altria Group’s payout ratio is currently 82.84%.
MO has been the subject of a number of research reports. Morgan Stanley dropped their price objective on shares of Altria Group from $65.00 to $63.00 and set an “equal weight” rating for the company in a report on Tuesday, June 26th. ValuEngine cut shares of Altria Group from a “sell” rating to a “strong sell” rating in a report on Monday, May 14th. Jefferies Financial Group cut shares of Altria Group from a “buy” rating to a “hold” rating and set a $61.00 price objective for the company. in a report on Friday, August 24th. Piper Jaffray Companies set a $75.00 price objective on shares of Altria Group and gave the company a “buy” rating in a report on Monday, July 23rd. Finally, Stifel Nicolaus dropped their price objective on shares of Altria Group from $78.00 to $65.00 and set a “buy” rating for the company in a report on Friday, July 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Altria Group has a consensus rating of “Buy” and a consensus target price of $71.01.
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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