Miracle Mile Advisors LLC bought a new stake in Altria Group Inc (NYSE:MO) during the 4th quarter, Holdings Channel reports. The firm bought 8,600 shares of the company’s stock, valued at approximately $614,000.
A number of other large investors have also recently bought and sold shares of the business. NewSquare Capital LLC lifted its holdings in shares of Altria Group by 4,734.7% in the 3rd 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 last quarter. Balentine LLC lifted its holdings in shares of Altria Group by 32.4% in the 2nd quarter. Balentine LLC now owns 1,460 shares of the company’s stock worth $109,000 after acquiring an additional 357 shares during the last quarter. Quantum Capital Management LLC NJ acquired a new position in shares of Altria Group in the 3rd quarter worth approximately $114,000. Northwest Investment Counselors LLC lifted its holdings in shares of Altria Group by 557.0% in the 3rd 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 last quarter. Finally, Oak Point Wealth Management acquired a new position in shares of Altria Group in the 4th quarter worth approximately $120,000. Institutional investors own 62.77% of the company’s stock.
In other Altria Group news, CEO Brian W. Quigley sold 3,464 shares of the 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 SEC, which is available through this link. Also, VP W Hildebrandt Surgner, Jr. sold 3,200 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $62.34, for a total transaction of $199,488.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,117 shares of company stock worth $1,821,707. Insiders own 0.11% of the company’s stock.
Altria Group (NYSE:MO) last announced its earnings results on Thursday, February 1st. The company reported $0.91 earnings per share for the quarter, topping the 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 firm had revenue of $4.71 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm earned $0.68 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. analysts predict that Altria Group Inc will post 4 earnings per share for the current year.
Altria Group announced that its Board of Directors has approved a share buyback plan on Thursday, February 1st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 10th. Shareholders of record on Thursday, March 15th will be given a $0.70 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This is an increase from Altria Group’s previous quarterly dividend of $0.66. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.23%. Altria Group’s dividend payout ratio is currently 74.16%.
Several brokerages have recently commented on MO. Vetr upgraded shares of Altria Group from a “hold” rating to a “buy” rating and set a $71.45 price objective on the stock in a report on Monday, February 5th. Zacks Investment Research lowered shares of Altria Group from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Jefferies Group upgraded shares of Altria Group from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $70.04 to $70.00 in a report on Friday, January 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $62.00 target price (down from $65.00) on shares of Altria Group in a research note on Monday, February 5th. Finally, Wells Fargo & Co upped their target price on shares of Altria Group from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $73.66.
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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