Moors & Cabot Inc. boosted its holdings in Altria Group Inc (NYSE:MO) by 49.7% in the third quarter, HoldingsChannel reports. The firm owned 50,642 shares of the company’s stock after purchasing an additional 16,820 shares during the period. Moors & Cabot Inc.’s holdings in Altria Group were worth $3,215,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of MO. Solaris Asset Management LLC grew its stake in Altria Group by 65.7% in the second quarter. Solaris Asset Management LLC now owns 1,405 shares of the company’s stock valued at $105,000 after acquiring an additional 557 shares during the period. CKW Financial Group acquired a new stake in Altria Group in the second quarter valued at approximately $109,000. Balentine LLC grew its stake in Altria Group by 32.4% in the second quarter. Balentine LLC now owns 1,460 shares of the company’s stock valued at $109,000 after acquiring an additional 357 shares during the period. NewSquare Capital LLC grew its stake in Altria Group by 4,734.7% in the third quarter. NewSquare Capital LLC now owns 108,780 shares of the company’s stock valued at $109,000 after acquiring an additional 106,530 shares during the period. Finally, Quantum Capital Management LLC NJ acquired a new stake in Altria Group in the third quarter valued at approximately $114,000. Institutional investors and hedge funds own 62.75% of the company’s stock.
Altria Group Inc (NYSE:MO) opened at $66.04 on Tuesday. The stock has a market capitalization of $132,428.39, a P/E ratio of 12.41, a P/E/G ratio of 2.15 and a beta of 0.53. The company has a current ratio of 0.64, a quick ratio of 0.31 and a debt-to-equity ratio of 0.85. Altria Group Inc has a 1 year low of $60.01 and a 1 year high of $77.79.
Altria Group declared that its board has authorized a stock buyback program on Thursday, February 1st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 10th. Shareholders of record on Thursday, December 21st were given a $0.66 dividend. The ex-dividend date was Wednesday, December 20th. This represents a $2.64 annualized dividend and a yield of 4.00%. Altria Group’s dividend payout ratio is currently 49.62%.
A number of brokerages have commented on MO. Vetr raised Altria Group from a “hold” rating to a “buy” rating and set a $71.45 price objective for the company in a research note on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $62.00 price objective (down previously from $65.00) on shares of Altria Group in a research note on Monday. Piper Jaffray Companies raised their price objective on Altria Group from $76.00 to $81.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Group raised Altria Group from a “hold” rating to a “buy” rating and reduced their price objective for the company from $70.04 to $70.00 in a research note on Friday, January 19th. Finally, Zacks Investment Research raised Altria Group from a “sell” rating to a “hold” rating in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $72.79.
Altria Group 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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