Regent Peak Wealth Advisors LLC raised its stake in Altria Group, Inc. (NYSE:MO) by 3.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,483 shares of the company’s stock after acquiring an additional 241 shares during the quarter. Regent Peak Wealth Advisors LLC’s holdings in Altria Group were worth $331,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Ipswich Investment Management Co. Inc. grew its holdings in shares of Altria Group by 0.9% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 22,035 shares of the company’s stock worth $1,127,000 after purchasing an additional 200 shares during the period. Plimoth Trust Co. LLC raised its position in shares of Altria Group by 1.1% during the 1st quarter. Plimoth Trust Co. LLC now owns 19,240 shares of the company’s stock worth $984,000 after acquiring an additional 200 shares in the last quarter. Parsec Financial Management Inc. grew its stake in Altria Group by 2.9% during the 1st quarter. Parsec Financial Management Inc. now owns 7,810 shares of the company’s stock worth $400,000 after buying an additional 219 shares during the last quarter. PDS Planning Inc grew its stake in Altria Group by 3.3% during the 1st quarter. PDS Planning Inc now owns 7,369 shares of the company’s stock worth $377,000 after buying an additional 233 shares during the last quarter. Finally, SOA Wealth Advisors LLC. grew its stake in Altria Group by 11.9% during the 1st quarter. SOA Wealth Advisors LLC. now owns 2,235 shares of the company’s stock worth $114,000 after buying an additional 237 shares during the last quarter. 62.18% of the stock is owned by institutional investors.
MO has been the topic of a number of analyst reports. Stifel Nicolaus reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Altria Group in a report on Friday, April 16th. Sanford C. Bernstein initiated coverage on Altria Group in a report on Tuesday, January 19th. They set an “outperform” rating and a $53.00 price target for the company. Piper Sandler reiterated a “buy” rating and issued a $57.00 target price on shares of Altria Group in a research note on Monday, April 5th. TheStreet upgraded shares of Altria Group from a “c” rating to a “b-” rating in a research note on Thursday, January 28th. Finally, Jefferies Financial Group upgraded shares of Altria Group from a “hold” rating to a “buy” rating and lifted their target price for the company from $40.00 to $58.00 in a research report on Thursday, April 1st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $51.00.
Altria Group (NYSE:MO) last announced its quarterly earnings data on Wednesday, April 28th. The company reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.03. The firm had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.98 billion. Altria Group had a return on equity of 148.93% and a net margin of 2.84%. The company’s revenue for the quarter was down 4.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 earnings per share. Research analysts predict that Altria Group, Inc. will post 4.37 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 30th. Stockholders of record on Thursday, March 25th were issued a $0.86 dividend. This represents a $3.44 dividend on an annualized basis and a dividend yield of 7.14%. The ex-dividend date of this dividend was Wednesday, March 24th. Altria Group’s payout ratio is currently 81.52%.
Altria Group announced that its board has authorized a stock repurchase program on Thursday, January 28th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
Altria Group Company Profile
Altria Group, Inc operates as a holding company, which engages in the manufacture and sale of cigarettes in the United States. It operates through the following segments: Smokeable Products, Smokeless Products, and Wine. The Smokeable Products segment comprised of cigarettes manufactured and sold by PM USA and machine-made large cigars and pipe tobacco manufactured and sold by Middleton.
Further Reading: What is a Buy-Side Analyst?
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