Kanawha Capital Management LLC increased its stake in shares of Altria Group (NYSE:MO) by 1.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,992 shares of the company’s stock after purchasing an additional 391 shares during the quarter. Kanawha Capital Management LLC’s holdings in Altria Group were worth $3,053,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its holdings in Altria Group by 164.9% during the 2nd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 244,398 shares of the company’s stock worth $18,149,000 after acquiring an additional 152,121 shares during the last quarter. Westwood Holdings Group Inc. grew its holdings in Altria Group by 10.3% during the 1st quarter. Westwood Holdings Group Inc. now owns 155,121 shares of the company’s stock worth $11,079,000 after acquiring an additional 14,444 shares during the last quarter. SPC Financial Inc. grew its holdings in Altria Group by 1.8% during the 1st quarter. SPC Financial Inc. now owns 11,150 shares of the company’s stock worth $796,000 after acquiring an additional 200 shares during the last quarter. Adams Diversified Equity Fund Inc. bought a new stake in Altria Group during the 2nd quarter worth approximately $20,353,000. Finally, Trexquant Investment LP bought a new stake in Altria Group during the 1st quarter worth approximately $1,950,000. Institutional investors and hedge funds own 61.85% of the company’s stock.
Altria Group (NYSE:MO) opened at 65.35 on Friday. The firm has a market cap of $125.99 billion, a P/E ratio of 8.62 and a beta of 0.64. Altria Group has a 12-month low of $60.01 and a 12-month high of $77.79. The firm’s 50-day moving average is $63.28 and its 200 day moving average is $69.62.
Altria Group (NYSE:MO) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.01). The company had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Altria Group had a return on equity of 59.50% and a net margin of 56.98%. Altria Group’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.81 EPS. Equities analysts forecast that Altria Group will post $3.27 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 15th were given a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Thursday, September 14th. This is a positive change from Altria Group’s previous quarterly dividend of $0.61. Altria Group’s payout ratio is currently 34.83%.
Altria Group declared that its board has initiated a stock repurchase program on Thursday, July 27th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 0.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other news, CEO Martin J. Barrington sold 15,300 shares of Altria Group stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $65.03, for a total value of $994,959.00. Following the completion of the transaction, the chief executive officer now owns 701,074 shares of the company’s stock, valued at approximately $45,590,842.22. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Dinyar S. Devitre sold 32,000 shares of Altria Group stock in a transaction dated Thursday, September 21st. The stock was sold at an average price of $61.22, for a total value of $1,959,040.00. The disclosure for this sale can be found here. 0.11% of the stock is owned by insiders.
MO has been the topic of a number of research reports. Vetr lowered shares of Altria Group from a “buy” rating to a “hold” rating and set a $80.38 target price on the stock. in a report on Monday, June 19th. BidaskClub raised shares of Altria Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 21st. Cowen and Company reissued a “hold” rating and set a $74.00 target price on shares of Altria Group in a report on Tuesday, July 11th. Zacks Investment Research lowered shares of Altria Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $70.00 price objective (down from $71.00) on shares of Altria Group in a research note on Monday, July 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $71.73.
Altria Group Company 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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