Modera Wealth Management LLC cut its position in Altria Group Inc (NYSE:MO) by 8.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 14,092 shares of the company’s stock after selling 1,370 shares during the quarter. Modera Wealth Management LLC’s holdings in Altria Group were worth $667,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently modified their holdings of the company. Grimes & Company Inc. lifted its position in Altria Group by 9.3% in the 1st quarter. Grimes & Company Inc. now owns 8,387 shares of the company’s stock valued at $481,000 after purchasing an additional 717 shares during the last quarter. FMR LLC lifted its position in Altria Group by 68.1% in the 1st quarter. FMR LLC now owns 78,710,352 shares of the company’s stock valued at $4,520,337,000 after purchasing an additional 31,883,878 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Altria Group by 78.2% during the 1st quarter. Clearbridge Investments LLC now owns 347,017 shares of the company’s stock worth $19,929,000 after buying an additional 152,302 shares in the last quarter. Laurel Wealth Advisors Inc. raised its position in shares of Altria Group by 15.4% during the 1st quarter. Laurel Wealth Advisors Inc. now owns 54,949 shares of the company’s stock worth $3,156,000 after buying an additional 7,339 shares in the last quarter. Finally, Bowling Portfolio Management LLC bought a new stake in shares of Altria Group during the 2nd quarter worth about $2,502,000. Hedge funds and other institutional investors own 62.72% of the company’s stock.
Shares of MO stock traded down $0.18 during midday trading on Friday, reaching $46.41. 9,224,212 shares of the company were exchanged, compared to its average volume of 8,165,321. Altria Group Inc has a 12 month low of $42.40 and a 12 month high of $66.04. The company has a market cap of $87.03 billion, a P/E ratio of 11.63, a PEG ratio of 1.46 and a beta of 0.38. The company’s 50 day moving average price is $48.16 and its two-hundred day moving average price is $51.41. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.28 and a current ratio of 0.56.
Altria Group announced that its board has approved a share repurchase program on Tuesday, July 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 1.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of analysts have commented on MO shares. TheStreet downgraded shares of Altria Group from a “b-” rating to a “c+” rating in a research report on Wednesday, August 14th. Wells Fargo & Co restated a “buy” rating on shares of Altria Group in a research report on Friday, August 9th. Morgan Stanley upgraded shares of Altria Group from an “underweight” rating to an “equal weight” rating and set a $44.00 price target on the stock in a research report on Friday. ValuEngine downgraded shares of Altria Group from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Finally, Royal Bank of Canada set a $68.00 price target on shares of Altria Group and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.74.
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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