Summit Financial Wealth Advisors LLC lowered its stake in Altria Group, Inc. (NYSE:MO – Free Report) by 8.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 6,169 shares of the company’s stock after selling 546 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in Altria Group were worth $279,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Beacon Capital Management LLC grew its stake in Altria Group by 8.0% in the second quarter. Beacon Capital Management LLC now owns 7,240 shares of the company’s stock worth $328,000 after purchasing an additional 535 shares during the period. Burns J W & Co. Inc. NY grew its stake in shares of Altria Group by 1.1% in the second quarter. Burns J W & Co. Inc. NY now owns 27,007 shares of the company’s stock worth $1,223,000 after acquiring an additional 290 shares during the last quarter. Burke & Herbert Bank & Trust Co. grew its stake in shares of Altria Group by 6.2% in the second quarter. Burke & Herbert Bank & Trust Co. now owns 21,283 shares of the company’s stock worth $964,000 after acquiring an additional 1,245 shares during the last quarter. Platform Technology Partners grew its stake in shares of Altria Group by 23.8% in the second quarter. Platform Technology Partners now owns 5,733 shares of the company’s stock worth $262,000 after acquiring an additional 1,102 shares during the last quarter. Finally, Pacific Sun Financial Corp purchased a new stake in shares of Altria Group in the second quarter worth $201,000. Institutional investors own 58.94% of the company’s stock.
Altria Group Trading Down 0.2 %
MO traded down $0.09 on Tuesday, hitting $43.26. 962,069 shares of the company’s stock traded hands, compared to its average volume of 7,796,608. The company’s 50 day simple moving average is $44.38 and its 200-day simple moving average is $45.04. The firm has a market cap of $76.77 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 2.32 and a beta of 0.59. Altria Group, Inc. has a one year low of $40.35 and a one year high of $51.57.
Altria Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 15th will be paid a dividend of $0.98 per share. This is a positive change from Altria Group’s previous quarterly dividend of $0.94. This represents a $3.92 dividend on an annualized basis and a dividend yield of 9.06%. The ex-dividend date is Thursday, September 14th. Altria Group’s dividend payout ratio (DPR) is currently 102.89%.
Analysts Set New Price Targets
MO has been the topic of a number of recent research reports. Jefferies Financial Group cut their target price on Altria Group from $56.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, August 22nd. StockNews.com initiated coverage on Altria Group in a research report on Thursday, August 17th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Altria Group has a consensus rating of “Hold” and an average price target of $47.50.
Altria Group Profile
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; moist smokeless tobacco products and snus products under the Copenhagen, Skoal, Red Seal, and Husky brands; and on! oral nicotine pouches.
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