Lowe Brockenbrough & Co. Inc. Cuts Holdings in Altria Group (MO)
Lowe Brockenbrough & Co. Inc. decreased its holdings in shares of Altria Group (NYSE:MO) by 2.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 138,824 shares of the company’s stock after selling 3,153 shares during the period. Altria Group accounts for about 1.6% of Lowe Brockenbrough & Co. Inc.’s portfolio, making the stock its 13th largest position. Lowe Brockenbrough & Co. Inc.’s holdings in Altria Group were worth $9,915,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Sterling Investment Advisors Ltd. increased its position in Altria Group by 133.3% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 1,400 shares of the company’s stock valued at $100,000 after purchasing an additional 800 shares during the period. Advantage Investment Management LLC increased its position in Altria Group by 1.9% during the 1st quarter. Advantage Investment Management LLC now owns 1,752 shares of the company’s stock valued at $125,000 after purchasing an additional 32 shares during the period. Feltz Wealth PLAN Inc. purchased a new position in shares of Altria Group in the 1st quarter worth approximately $134,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its position in shares of Altria Group by 102.5% in the 1st quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,669 shares of the company’s stock worth $191,000 after buying an additional 1,351 shares during the last quarter. Finally, Mascoma Wealth Management LLC grew its position in shares of Altria Group by 0.3% in the 1st quarter. Mascoma Wealth Management LLC now owns 2,701 shares of the company’s stock worth $193,000 after buying an additional 8 shares during the last quarter. 61.89% of the stock is currently owned by institutional investors and hedge funds.
In other Altria Group news, CEO Martin J. Barrington sold 15,300 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $65.03, for a total value of $994,959.00. Following the transaction, the chief executive officer now directly owns 701,074 shares in the company, valued at $45,590,842.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.11% of the company’s stock.
Altria Group (NYSE MO) traded up 0.120% during mid-day trading on Wednesday, reaching $62.575. 3,623,564 shares of the company were exchanged. The stock has a 50-day moving average of $65.32 and a 200 day moving average of $71.55. The firm has a market capitalization of $120.64 billion, a P/E ratio of 8.252 and a beta of 0.63. Altria Group has a 1-year low of $60.01 and a 1-year high of $77.79.
Altria Group (NYSE:MO) last announced its quarterly earnings results on Thursday, July 27th. The company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.01). The company had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Altria Group had a net margin of 56.98% and a return on equity of 59.50%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. Equities research analysts forecast that Altria Group will post $3.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 15th will be paid a $0.66 dividend. This is a positive change from Altria Group’s previous quarterly dividend of $0.61. This represents a $2.64 annualized dividend and a yield of 4.22%. The ex-dividend date of this dividend is Thursday, September 14th. Altria Group’s dividend payout ratio is currently 32.19%.
Altria Group declared that its Board of Directors has initiated a share repurchase program on Thursday, July 27th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 0.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
MO has been the topic of a number of analyst reports. BidaskClub raised shares of Altria Group from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. Jefferies Group LLC set a $67.00 price objective on shares of Altria Group and gave the stock a “hold” rating in a research report on Thursday, August 24th. Vetr downgraded shares of Altria Group from a “strong-buy” rating to a “buy” rating and set a $69.00 price objective on the stock. in a research report on Wednesday, September 6th. Royal Bank Of Canada raised shares of Altria Group from an “underperform” rating to a “sector perform” rating and set a $62.00 price objective on the stock in a research report on Monday, July 31st. Finally, Zacks Investment Research downgraded shares of Altria Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $71.81.
Altria Group Profile
Altria Group, Inc is a holding company. The Company’s segments include smokeable products, smokeless products and wine. The Company’s subsidiaries include Philip Morris USA Inc (PM USA), which is engaged in the manufacture and sale of cigarettes in the United States; John Middleton Co (Middleton), which is engaged in the manufacture and sale of machine-made cigars and pipe tobacco, and UST LLC (UST), which, through its subsidiaries, including U.S.
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