Altria Group Inc (MO) Position Trimmed by Spectrum Management Group Inc.
Spectrum Management Group Inc. cut its stake in shares of Altria Group Inc (NYSE:MO) by 67.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 14,355 shares of the company’s stock after selling 30,434 shares during the quarter. Spectrum Management Group Inc.’s holdings in Altria Group were worth $1,025,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. Biondo Investment Advisors LLC increased its position in shares of Altria Group by 3.0% during the fourth quarter. Biondo Investment Advisors LLC now owns 53,780 shares of the company’s stock worth $3,840,000 after acquiring an additional 1,550 shares during the period. Carmichael Hill & Associates Inc. purchased a new position in Altria Group during the fourth quarter valued at approximately $1,168,000. Bedel Financial Consulting Inc. purchased a new position in Altria Group during the fourth quarter valued at approximately $676,000. M&T Bank Corp increased its holdings in Altria Group by 0.6% during the fourth quarter. M&T Bank Corp now owns 1,322,959 shares of the company’s stock valued at $94,473,000 after buying an additional 8,530 shares during the period. Finally, Community Bank N.A. increased its holdings in Altria Group by 22.1% during the fourth quarter. Community Bank N.A. now owns 24,260 shares of the company’s stock valued at $1,732,000 after buying an additional 4,383 shares during the period. 62.77% of the stock is currently owned by institutional investors and hedge funds.
In other Altria Group news, CEO Brian W. Quigley sold 3,464 shares of the firm’s stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $62.40, for a total value of $216,153.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Craig A. Johnson sold 14,953 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $66.59, for a total transaction of $995,720.27. Following the completion of the sale, the chief executive officer now owns 64,809 shares of the company’s stock, valued at $4,315,631.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,117 shares of company stock valued at $1,821,707. 0.11% of the stock is owned by insiders.
Altria Group (NYSE:MO) last announced its earnings results on Thursday, February 1st. The company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.11. The company had revenue of $4.71 billion during the quarter, compared to the consensus estimate of $4.80 billion. Altria Group had a net margin of 39.97% and a return on equity of 50.01%. Altria Group’s revenue was down .4% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. equities research analysts anticipate that Altria Group Inc will post 4 EPS for the current year.
Altria Group announced that its Board of Directors has authorized a stock buyback plan on Thursday, February 1st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Thursday, March 15th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 4.23%. This is an increase from Altria Group’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Wednesday, March 14th. Altria Group’s dividend payout ratio (DPR) is 74.16%.
Several brokerages recently issued reports on MO. Zacks Investment Research lowered shares of Altria Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Vetr raised shares of Altria Group from a “buy” rating to a “strong-buy” rating and set a $76.87 price objective on the stock in a report on Monday, February 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $62.00 price objective (down from $65.00) on shares of Altria Group in a report on Monday, February 5th. Piper Jaffray Companies lifted their price objective on shares of Altria Group from $76.00 to $81.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Finally, Jefferies Group raised shares of Altria Group from a “hold” rating to a “buy” rating and cut their price objective for the company from $70.04 to $70.00 in a report on Friday, January 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Altria Group has a consensus rating of “Buy” and an average target price of $73.66.
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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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