Berson & Corrado Investment Advisors LLC Boosts Stake in Altria Group (MO)
Berson & Corrado Investment Advisors LLC grew its stake in shares of Altria Group (NYSE:MO) by 2.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,116 shares of the company’s stock after acquiring an additional 100 shares during the period. Berson & Corrado Investment Advisors LLC’s holdings in Altria Group were worth $307,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. BKD Wealth Advisors LLC lifted its position in shares of Altria Group by 4.5% during the 2nd quarter. BKD Wealth Advisors LLC now owns 20,577 shares of the company’s stock valued at $1,532,000 after acquiring an additional 881 shares during the period. Capital Asset Advisory Services LLC acquired a new stake in shares of Altria Group during the 2nd quarter valued at approximately $309,000. Stock Yards Bank & Trust Co. lifted its position in shares of Altria Group by 0.3% during the 2nd quarter. Stock Yards Bank & Trust Co. now owns 63,204 shares of the company’s stock valued at $4,707,000 after acquiring an additional 160 shares during the period. First Command Bank lifted its position in shares of Altria Group by 8.5% during the 2nd quarter. First Command Bank now owns 2,680 shares of the company’s stock valued at $199,000 after acquiring an additional 210 shares during the period. Finally, Conservest Capital Advisors Inc. raised its position in shares of Altria Group by 0.8% during the 2nd quarter. Conservest Capital Advisors Inc. now owns 4,594 shares of the company’s stock worth $342,000 after purchasing an additional 35 shares during the last quarter. Institutional investors own 61.85% of the company’s stock.
In related news, CEO Martin J. Barrington sold 15,300 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $65.03, for a total value of $994,959.00. Following the completion of the sale, the chief executive officer now owns 701,074 shares in the company, valued at approximately $45,590,842.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.11% of the stock is currently owned by corporate insiders.
Several research analysts recently issued reports on the company. Vetr downgraded Altria Group from a “strong-buy” rating to a “buy” rating and set a $69.00 price objective for the company. in a research report on Wednesday, September 6th. Berenberg Bank set a $72.00 price objective on Altria Group and gave the stock a “hold” rating in a research report on Sunday, August 6th. BidaskClub upgraded Altria Group from a “strong sell” rating to a “sell” rating in a research report on Monday, July 31st. UBS AG cut their price objective on Altria Group from $78.00 to $72.00 and set a “neutral” rating for the company in a research report on Monday, July 31st. Finally, Jefferies Group LLC set a $67.00 price objective on Altria Group and gave the stock a “hold” rating in a research report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $72.07.
Altria Group (NYSE MO) traded down 0.280% during mid-day trading on Tuesday, reaching $62.385. 2,831,100 shares of the company’s stock traded hands. Altria Group has a 52-week low of $60.01 and a 52-week high of $77.79. The company has a 50-day moving average of $64.02 and a 200-day moving average of $71.09. The company has a market capitalization of $120.28 billion, a price-to-earnings ratio of 8.227 and a beta of 0.63.
Altria Group (NYSE:MO) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.01). The firm had revenue of $4.37 billion during the quarter, compared to analysts’ expectations of $5.02 billion. Altria Group had a net margin of 56.98% and a return on equity of 59.50%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS. Equities research analysts expect that Altria Group will post $3.26 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 15th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 4.22%. The ex-dividend date is Thursday, September 14th. This is an increase from Altria Group’s previous quarterly dividend of $0.61. Altria Group’s dividend payout ratio is 34.83%.
Altria Group announced that its Board of Directors has approved a stock buyback plan on Thursday, July 27th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 0.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
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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