Summit Financial Wealth Advisors LLC trimmed its holdings in shares of Altria Group Inc (NYSE:MO) by 6.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,844 shares of the company’s stock after selling 800 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Altria Group were worth $513,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of MO. FMR LLC increased its position in Altria Group by 68.1% during the first 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 last quarter. Geode Capital Management LLC increased its position in Altria Group by 8.3% during the fourth quarter. Geode Capital Management LLC now owns 24,928,440 shares of the company’s stock worth $1,229,235,000 after buying an additional 1,908,626 shares during the last quarter. Teacher Retirement System of Texas increased its position in Altria Group by 93.3% during the fourth quarter. Teacher Retirement System of Texas now owns 1,994,813 shares of the company’s stock worth $98,524,000 after buying an additional 962,612 shares during the last quarter. First Trust Advisors LP increased its position in Altria Group by 47.3% during the first quarter. First Trust Advisors LP now owns 2,913,878 shares of the company’s stock worth $167,344,000 after buying an additional 935,757 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Altria Group by 5.4% during the first quarter. Janus Henderson Group PLC now owns 18,216,899 shares of the company’s stock worth $1,046,193,000 after buying an additional 926,612 shares during the last quarter. 64.24% of the stock is currently owned by hedge funds and other institutional investors.
MO stock traded up $1.42 during mid-day trading on Thursday, reaching $48.50. 3,934,396 shares of the stock traded hands, compared to its average volume of 5,512,771. The company has a debt-to-equity ratio of 1.92, a current ratio of 0.62 and a quick ratio of 0.39. Altria Group Inc has a 52 week low of $42.40 and a 52 week high of $66.04. The stock has a 50-day simple moving average of $49.33. The company has a market cap of $90.66 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.57 and a beta of 0.39.
Altria Group announced that its board has authorized a stock buyback plan on Tuesday, July 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 1.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 10th. Shareholders of record on Friday, June 14th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 6.60%. The ex-dividend date was Thursday, June 13th. Altria Group’s dividend payout ratio (DPR) is 80.20%.
In related news, VP W Hildebrandt Surgner, Jr. sold 2,000 shares of the stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $52.48, for a total value of $104,960.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.11% of the stock is owned by corporate insiders.
MO has been the topic of several analyst reports. Citigroup set a $45.00 target price on shares of Altria Group and gave the stock a “sell” rating in a research report on Friday, April 26th. Morgan Stanley lowered their target price on shares of Altria Group from $49.00 to $48.00 and set an “underweight” rating on the stock in a research report on Wednesday. Goldman Sachs Group downgraded shares of Altria Group from a “buy” rating to a “neutral” rating and set a $49.86 target price on the stock. in a research report on Friday, July 12th. ValuEngine downgraded shares of Altria Group from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Finally, Zacks Investment Research raised shares of Altria Group from a “sell” rating to a “hold” rating in a research report on Monday, April 8th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $60.44.
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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