Palisades Hudson Asset Management L.P. Has $490,000 Position in Altria Group (MO)

Palisades Hudson Asset Management L.P. maintained its stake in Altria Group (NYSE:MO) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,582 shares of the company’s stock at the end of the 2nd quarter. Palisades Hudson Asset Management L.P.’s holdings in Altria Group were worth $490,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Nikko Asset Management Americas Inc. boosted its stake in shares of Altria Group by 41.4% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 105,900 shares of the company’s stock valued at $7,886,000 after buying an additional 31,000 shares during the period. KBC Group NV lifted its stake in shares of Altria Group by 1.4% in the 2nd quarter. KBC Group NV now owns 361,687 shares of the company’s stock valued at $26,935,000 after purchasing an additional 4,879 shares during the last quarter. Windsor Financial Group LLC lifted its stake in shares of Altria Group by 11.0% in the 2nd quarter. Windsor Financial Group LLC now owns 3,261 shares of the company’s stock valued at $243,000 after purchasing an additional 323 shares during the last quarter. First Personal Financial Services lifted its stake in shares of Altria Group by 7.2% in the 2nd quarter. First Personal Financial Services now owns 9,282 shares of the company’s stock valued at $691,000 after purchasing an additional 621 shares during the last quarter. Finally, Cornerstone Capital Inc. lifted its stake in shares of Altria Group by 3.6% in the 2nd quarter. Cornerstone Capital Inc. now owns 6,975 shares of the company’s stock valued at $519,000 after purchasing an additional 240 shares during the last quarter. 61.92% of the stock is owned by institutional investors.

Altria Group (NYSE:MO) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The firm had revenue of $5.10 billion during the quarter, compared to analysts’ expectations of $5.22 billion. Altria Group had a net margin of 60.37% and a return on equity of 49.43%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.82 earnings per share.

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 15th were paid a $0.66 dividend. The ex-dividend date was Thursday, September 14th. This represents a $2.64 dividend on an annualized basis and a yield of 4.11%. This is a boost from Altria Group’s previous quarterly dividend of $0.61. Altria Group’s dividend payout ratio (DPR) is currently 33.04%.

Altria Group announced that its board has initiated a share repurchase program on Thursday, July 27th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 0.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

In other Altria Group news, Director Dinyar S. Devitre sold 32,000 shares of the stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $61.22, for a total value of $1,959,040.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Martin J. Barrington sold 15,300 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $65.03, for a total transaction of $994,959.00. Following the completion of the sale, the chief executive officer now owns 701,074 shares of the company’s stock, valued at approximately $45,590,842.22. The disclosure for this sale can be found here. Company insiders own 0.11% of the company’s stock.

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Several equities research analysts recently issued reports on the stock. Cowen and Company set a $78.00 price objective on shares of Altria Group and gave the company a “hold” rating in a research note on Friday, July 28th. Piper Jaffray Companies set a $76.00 price objective on shares of Altria Group and gave the company a “buy” rating in a research note on Thursday, July 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $70.00 price objective (down previously from $71.00) on shares of Altria Group in a research note on Monday, July 17th. Zacks Investment Research lowered shares of Altria Group from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, BidaskClub lowered shares of Altria Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $72.06.

About Altria Group

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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Institutional Ownership by Quarter for Altria Group (NYSE:MO)

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