Independence Bank of Kentucky Sells 950 Shares of Altria Group, Inc. (NYSE:MO)

Independence Bank of Kentucky trimmed its holdings in Altria Group, Inc. (NYSE:MOFree Report) by 2.2% in the 4th quarter, Holdings Channel reports. The fund owned 42,664 shares of the company’s stock after selling 950 shares during the quarter. Independence Bank of Kentucky’s holdings in Altria Group were worth $1,721,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Loomis Sayles & Co. L P bought a new position in Altria Group in the first quarter worth $25,000. Altshuler Shaham Ltd bought a new position in Altria Group in the third quarter worth $26,000. Nemes Rush Group LLC lifted its position in Altria Group by 103.2% in the third quarter. Nemes Rush Group LLC now owns 636 shares of the company’s stock worth $27,000 after purchasing an additional 323 shares during the period. ZRC Wealth Management LLC lifted its position in Altria Group by 67.6% in the fourth quarter. ZRC Wealth Management LLC now owns 677 shares of the company’s stock worth $28,000 after purchasing an additional 273 shares during the period. Finally, Legacy Financial Group LLC bought a new position in Altria Group in the third quarter worth $30,000. 57.41% of the stock is owned by institutional investors.

Altria Group Stock Performance

Shares of NYSE:MO opened at $42.13 on Thursday. Altria Group, Inc. has a twelve month low of $39.06 and a twelve month high of $48.04. The firm has a market cap of $74.29 billion, a PE ratio of 9.22, a price-to-earnings-growth ratio of 2.59 and a beta of 0.65. The business has a fifty day moving average of $41.68 and a 200-day moving average of $41.50.

Altria Group (NYSE:MOGet Free Report) last announced its earnings results on Thursday, February 1st. The company reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.01. Altria Group had a negative return on equity of 244.55% and a net margin of 33.21%. The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same period last year, the company posted $1.18 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, analysts anticipate that Altria Group, Inc. will post 5.08 EPS for the current fiscal year.

Altria Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Monday, March 25th will be paid a $0.98 dividend. The ex-dividend date is Friday, March 22nd. This represents a $3.92 dividend on an annualized basis and a dividend yield of 9.30%. Altria Group’s dividend payout ratio (DPR) is presently 85.78%.

Altria Group announced that its Board of Directors has approved a share buyback program on Thursday, February 1st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

MO has been the subject of several research reports. StockNews.com raised Altria Group from a “hold” rating to a “buy” rating in a research report on Wednesday, March 27th. UBS Group reissued a “sell” rating and set a $36.10 price objective on shares of Altria Group in a report on Tuesday, January 23rd. Finally, Stifel Nicolaus reissued a “buy” rating and set a $50.00 price objective on shares of Altria Group in a report on Monday, March 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Altria Group currently has a consensus rating of “Hold” and a consensus target price of $46.82.

Read Our Latest Research Report on MO

About Altria Group

(Free Report)

Altria Group, Inc, through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. The company offers cigarettes primarily under the Marlboro brand; large cigars and pipe tobacco under the Black & Mild brand; moist smokeless tobacco and snus products under the Copenhagen, Skoal, Red Seal, and Husky brands; oral nicotine pouches under the on! brand; and e-vapor products under the NJOY ACE brand.

See Also

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Institutional Ownership by Quarter for Altria Group (NYSE:MO)

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