Cadence Capital Management LLC trimmed its holdings in Altria Group Inc (NYSE:MO) by 6.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 194,345 shares of the company’s stock after selling 13,524 shares during the period. Altria Group makes up 0.9% of Cadence Capital Management LLC’s portfolio, making the stock its 13th biggest holding. Cadence Capital Management LLC’s holdings in Altria Group were worth $13,878,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. NewSquare Capital LLC lifted its stake in shares of Altria Group by 4,734.7% in the 3rd quarter. NewSquare Capital LLC now owns 108,780 shares of the company’s stock valued at $109,000 after purchasing an additional 106,530 shares in the last quarter. Balentine LLC lifted its stake in shares of Altria Group by 32.4% in the 2nd quarter. Balentine LLC now owns 1,460 shares of the company’s stock valued at $109,000 after purchasing an additional 357 shares in the last quarter. Quantum Capital Management LLC NJ acquired a new position in shares of Altria Group in the 3rd quarter valued at about $114,000. Northwest Investment Counselors LLC lifted its stake in shares of Altria Group by 557.0% in the 3rd quarter. Northwest Investment Counselors LLC now owns 1,820 shares of the company’s stock valued at $115,000 after purchasing an additional 1,543 shares in the last quarter. Finally, Oak Point Wealth Management acquired a new position in shares of Altria Group in the 4th quarter valued at about $120,000. 62.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of Altria Group Inc (MO) opened at $65.65 on Friday. The company has a market capitalization of $124,760.00, a PE ratio of 18.44, a P/E/G ratio of 1.86 and a beta of 0.63. 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 twelve month low of $60.01 and a twelve month high of $77.79.
Altria Group announced that its board has initiated a stock repurchase program on Thursday, February 1st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Wednesday, March 14th. This is an increase from Altria Group’s previous quarterly dividend of $0.66. This represents a $2.80 annualized dividend and a yield of 4.27%. Altria Group’s payout ratio is currently 74.16%.
In other Altria Group news, CEO Craig A. Johnson sold 14,953 shares of Altria Group stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $66.59, for a total transaction of $995,720.27. Following the sale, the chief executive officer now directly owns 64,809 shares in the company, valued at approximately $4,315,631.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James E. Dillard III sold 6,500 shares of Altria Group stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $63.13, for a total value of $410,345.00. The disclosure for this sale can be found here. Insiders have sold a total of 28,117 shares of company stock worth $1,821,707 over the last 90 days. 0.11% of the stock is owned by company insiders.
Several equities analysts have recently weighed in on the company. Vetr raised Altria Group from a “hold” rating to a “buy” rating and set a $71.45 price objective on the stock in a research note on Monday, February 5th. Zacks Investment Research lowered Altria Group from a “buy” rating to a “hold” rating in a research note on Tuesday. 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. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $62.00 price objective (down from $65.00) on shares of Altria Group in a research note on Monday, February 5th. Finally, Wells Fargo & Co raised their target price on Altria Group from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $73.66.
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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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