Plimoth Trust Co. LLC lowered its stake in shares of Altria Group Inc (NYSE:MO) by 0.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,228 shares of the company’s stock after selling 246 shares during the quarter. Plimoth Trust Co. LLC’s holdings in Altria Group were worth $2,047,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Grimes & Company Inc. increased its holdings 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 buying an additional 717 shares during the period. FMR LLC increased its holdings 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 buying an additional 31,883,878 shares during the period. Clearbridge Investments LLC increased its holdings in Altria Group by 78.2% in the 1st quarter. Clearbridge Investments LLC now owns 347,017 shares of the company’s stock valued at $19,929,000 after buying an additional 152,302 shares during the period. Laurel Wealth Advisors Inc. increased its holdings in Altria Group by 15.4% in the 1st quarter. Laurel Wealth Advisors Inc. now owns 54,949 shares of the company’s stock valued at $3,156,000 after buying an additional 7,339 shares during the period. Finally, Bowling Portfolio Management LLC bought a new stake in Altria Group in the 2nd quarter valued at $2,502,000. 62.72% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have recently weighed in on MO. Goldman Sachs Group lowered shares of Altria Group from a “buy” rating to a “neutral” rating and set a $49.86 target price on the stock. in a report on Friday, July 12th. Morgan Stanley lowered their target price on shares of Altria Group from $48.00 to $44.00 and set an “underweight” rating on the stock in a report on Wednesday, August 7th. TheStreet lowered shares of Altria Group from a “b-” rating to a “c+” rating in a report on Wednesday, August 14th. Citigroup set a $45.00 target price on shares of Altria Group and gave the stock a “sell” rating in a report on Friday, April 26th. Finally, ValuEngine lowered shares of Altria Group from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $60.74.
Altria Group (NYSE:MO) last released its earnings results on Tuesday, July 30th. The company reported $1.10 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.10. Altria Group had a net margin of 25.04% and a return on equity of 51.53%. The company had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same period in the prior year, the company posted $1.01 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. Research analysts anticipate that Altria Group Inc will post 4.17 EPS for the current fiscal year.
Altria Group announced that its Board of Directors has authorized a share repurchase plan on Tuesday, July 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 1.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Altria Group news, VP W Hildebrandt Surgner, Jr. sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $52.48, for a total transaction of $104,960.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.11% of the company’s stock.
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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