Raymond James Trust N.A. grew its stake in Altria Group, Inc. (NYSE:MO – Get Rating) by 0.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,563 shares of the company’s stock after purchasing an additional 558 shares during the period. Raymond James Trust N.A.’s holdings in Altria Group were worth $2,738,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of MO. AE Wealth Management LLC boosted its position in Altria Group by 14.9% in the 1st quarter. AE Wealth Management LLC now owns 195,595 shares of the company’s stock valued at $10,220,000 after buying an additional 25,413 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Altria Group by 6.7% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 144,656 shares of the company’s stock worth $6,042,000 after buying an additional 9,079 shares during the period. Abacus Planning Group Inc. acquired a new stake in Altria Group during the 1st quarter worth $227,000. Oarsman Capital Inc. acquired a new stake in Altria Group during the 1st quarter worth $312,000. Finally, Allworth Financial LP raised its stake in Altria Group by 12.9% during the 1st quarter. Allworth Financial LP now owns 58,262 shares of the company’s stock worth $3,044,000 after buying an additional 6,642 shares during the period. 59.75% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages recently commented on MO. Barclays downgraded Altria Group from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $53.00 to $36.00 in a research note on Wednesday, June 29th. Bank of America lowered their target price on Altria Group from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Friday, July 8th. StockNews.com upgraded Altria Group from a “hold” rating to a “buy” rating in a report on Monday. Cowen lowered their target price on Altria Group from $56.00 to $45.00 and set a “market perform” rating for the company in a report on Monday, June 27th. Finally, Morgan Stanley upgraded Altria Group from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $47.00 to $43.00 in a report on Friday, June 24th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $47.00.
Altria Group Stock Up 0.6 %
Altria Group (NYSE:MO – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. Altria Group had a net margin of 6.88% and a negative return on equity of 488.86%. The company had revenue of $5.37 billion during the quarter, compared to the consensus estimate of $5.42 billion. During the same period in the previous year, the business earned $1.23 earnings per share. The firm’s quarterly revenue was down 4.3% on a year-over-year basis. As a group, research analysts expect that Altria Group, Inc. will post 4.85 EPS for the current year.
Altria Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 11th. Stockholders of record on Thursday, September 15th will be given a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 8.69%. This is an increase from Altria Group’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Wednesday, September 14th. Altria Group’s payout ratio is presently 387.63%.
About Altria Group
Altria Group, Inc, through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. The company provides cigarettes primarily under the Marlboro brand; cigars and pipe tobacco principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands, as well as provides on! oral nicotine pouches.
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