Summit Financial Group Inc. Sells 824 Shares of Altria Group Inc (MO)
Summit Financial Group Inc. reduced its stake in Altria Group Inc (NYSE:MO) by 13.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,141 shares of the company’s stock after selling 824 shares during the quarter. Summit Financial Group Inc.’s holdings in Altria Group were worth $367,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Atlantic Trust Group LLC lifted its stake in Altria Group by 36.9% during the third quarter. Atlantic Trust Group LLC now owns 208,401 shares of the company’s stock worth $13,217,000 after purchasing an additional 56,136 shares during the last quarter. AustralianSuper Pty Ltd lifted its stake in Altria Group by 14.1% during the third quarter. AustralianSuper Pty Ltd now owns 381,300 shares of the company’s stock worth $24,182,000 after purchasing an additional 47,000 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in Altria Group by 0.4% during the third quarter. Parametric Portfolio Associates LLC now owns 4,245,743 shares of the company’s stock worth $269,265,000 after purchasing an additional 16,747 shares during the last quarter. Chicago Partners Investment Group LLC lifted its stake in Altria Group by 90.6% during the third quarter. Chicago Partners Investment Group LLC now owns 5,193 shares of the company’s stock worth $329,000 after purchasing an additional 2,468 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new stake in Altria Group during the third quarter worth $2,387,000. Institutional investors and hedge funds own 62.75% of the company’s stock.
MO has been the subject of several recent analyst reports. Zacks Investment Research upgraded Altria Group from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Wednesday, October 11th. Piper Jaffray Companies restated a “buy” rating and set a $76.00 target price on shares of Altria Group in a research note on Friday, October 27th. Vetr upgraded Altria Group from a “buy” rating to a “strong-buy” rating and set a $71.89 target price for the company in a research note on Tuesday, October 24th. Berenberg Bank upgraded Altria Group from a “hold” rating to a “buy” rating and upped their target price for the stock from $60.01 to $71.00 in a research note on Tuesday, December 19th. Finally, UBS Group cut their target price on Altria Group from $72.00 to $68.00 and set a “neutral” rating for the company in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $73.20.
Altria Group (NYSE:MO) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.11. Altria Group had a return on equity of 50.01% and a net margin of 39.97%. The company had revenue of $4.71 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the company earned $0.68 EPS. Altria Group’s revenue was down .4% compared to the same quarter last year. sell-side analysts predict that Altria Group Inc will post 4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 10th. Stockholders of record on Thursday, December 21st were paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date was Wednesday, December 20th. Altria Group’s payout ratio is 49.62%.
Altria Group declared that its Board of Directors has approved a share buyback plan on Thursday, February 1st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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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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