Arbor Wealth Management LLC reduced its position in Altria Group Inc (NYSE:MO) by 1.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,946 shares of the company’s stock after selling 510 shares during the period. Arbor Wealth Management LLC’s holdings in Altria Group were worth $1,418,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in MO. FMR LLC raised its holdings in shares of Altria Group by 68.1% in the 1st 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 in the last quarter. Geode Capital Management LLC increased its holdings in Altria Group by 8.3% during the 4th quarter. Geode Capital Management LLC now owns 24,928,440 shares of the company’s stock valued at $1,229,235,000 after purchasing an additional 1,908,626 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Altria Group by 5.4% during the 1st quarter. Janus Henderson Group PLC now owns 18,216,899 shares of the company’s stock valued at $1,046,193,000 after purchasing an additional 926,612 shares in the last quarter. Legal & General Group Plc increased its holdings in Altria Group by 1.0% during the 4th quarter. Legal & General Group Plc now owns 8,142,832 shares of the company’s stock valued at $402,175,000 after purchasing an additional 83,052 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Altria Group by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,006,715 shares of the company’s stock valued at $296,655,000 after purchasing an additional 93,073 shares in the last quarter. Institutional investors own 64.25% of the company’s stock.
A number of equities research analysts recently weighed in on MO shares. Goldman Sachs Group cut Altria Group from a “buy” rating to a “neutral” rating and set a $49.86 price target for the company. in a report on Friday, July 12th. Morgan Stanley lowered their target price on Altria Group from $48.00 to $44.00 and set an “underweight” rating for the company in a research note on Wednesday, August 7th. Wells Fargo & Co reissued a “buy” rating on shares of Altria Group in a research note on Friday, August 9th. Royal Bank of Canada set a $68.00 target price on Altria Group and gave the company a “buy” rating in a research note on Wednesday, July 31st. Finally, ValuEngine lowered Altria Group from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $60.74.
Altria Group (NYSE:MO) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.10. Altria Group had a return on equity of 51.53% and a net margin of 25.04%. The company had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. On average, equities analysts expect that Altria Group Inc will post 4.17 EPS for the current year.
Altria Group declared that its Board of Directors has initiated a stock repurchase program on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 1.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In related news, VP W Hildebrandt Surgner, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $52.48, for a total value of $104,960.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.11% of the company’s stock.
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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