RNC Capital Management LLC Buys 29,774 Shares of Altria Group Inc (MO)
RNC Capital Management LLC increased its stake in shares of Altria Group Inc (NYSE:MO) by 5.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 604,384 shares of the company’s stock after acquiring an additional 29,774 shares during the quarter. Altria Group comprises approximately 3.0% of RNC Capital Management LLC’s holdings, making the stock its 9th largest holding. RNC Capital Management LLC’s holdings in Altria Group were worth $43,159,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Solaris Asset Management LLC increased its position in Altria Group by 65.7% during the second quarter. Solaris Asset Management LLC now owns 1,405 shares of the company’s stock worth $105,000 after acquiring an additional 557 shares during the period. NewSquare Capital LLC increased its position in Altria Group by 4,734.7% during the third quarter. NewSquare Capital LLC now owns 108,780 shares of the company’s stock worth $109,000 after acquiring an additional 106,530 shares during the period. Balentine LLC increased its position in Altria Group by 32.4% during the second quarter. Balentine LLC now owns 1,460 shares of the company’s stock worth $109,000 after acquiring an additional 357 shares during the period. Quantum Capital Management LLC NJ bought a new position in Altria Group during the third quarter worth $114,000. Finally, Northwest Investment Counselors LLC increased its position in Altria Group by 557.0% during the third quarter. Northwest Investment Counselors LLC now owns 1,820 shares of the company’s stock worth $115,000 after acquiring an additional 1,543 shares during the period. 62.61% of the stock is currently owned by institutional investors and hedge funds.
MO has been the topic of a number of research reports. Piper Jaffray Companies reaffirmed a “buy” rating and set a $76.00 target price on shares of Altria Group in a research report on Friday, October 27th. Vetr raised shares of Altria Group from a “buy” rating to a “strong-buy” rating and set a $71.89 target price on the stock in a research report on Tuesday, October 24th. Berenberg Bank upgraded shares of Altria Group from a “hold” rating to a “buy” rating and lifted their price target for the stock from $60.01 to $71.00 in a research note on Tuesday, December 19th. UBS Group decreased their price target on shares of Altria Group from $72.00 to $68.00 and set a “neutral” rating on the stock in a research note on Friday, October 27th. Finally, Edward Jones upgraded shares of Altria Group from a “hold” rating to a “buy” rating in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $73.66.
Altria Group (NYSE:MO) last issued its earnings results on Thursday, February 1st. The company reported $0.91 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.11. Altria Group had a net margin of 39.97% and a return on equity of 50.01%. The company had revenue of $4.71 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the company earned $0.68 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. sell-side analysts expect that Altria Group Inc will post 4 earnings per share for the current fiscal year.
Altria Group declared that its Board of Directors has initiated a stock buyback program on Thursday, February 1st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, CEO Craig A. Johnson sold 14,953 shares of the company’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $66.59, for a total transaction of $995,720.27. Following the transaction, the chief executive officer now owns 64,809 shares in the company, valued at approximately $4,315,631.31. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP James E. Dillard III sold 6,500 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $63.13, for a total transaction of $410,345.00. The disclosure for this sale can be found here. 0.11% of the stock is owned by corporate insiders.
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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