Altria Group, Inc. (NYSE:MO) is Cordasco Financial Network’s 9th Largest Position

Cordasco Financial Network trimmed its holdings in shares of Altria Group, Inc. (NYSE:MOGet Rating) by 0.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 34,727 shares of the company’s stock after selling 302 shares during the period. Altria Group comprises about 1.1% of Cordasco Financial Network’s portfolio, making the stock its 9th largest holding. Cordasco Financial Network’s holdings in Altria Group were worth $1,451,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. IFM Investors Pty Ltd boosted its holdings in shares of Altria Group by 5.2% during the second quarter. IFM Investors Pty Ltd now owns 223,202 shares of the company’s stock worth $9,323,000 after purchasing an additional 11,107 shares during the period. Marcum Wealth LLC boosted its holdings in shares of Altria Group by 2.5% during the second quarter. Marcum Wealth LLC now owns 73,208 shares of the company’s stock worth $3,058,000 after purchasing an additional 1,751 shares during the period. Krilogy Financial LLC boosted its holdings in shares of Altria Group by 3.5% during the second quarter. Krilogy Financial LLC now owns 7,873 shares of the company’s stock worth $329,000 after purchasing an additional 263 shares during the period. Raymond James Trust N.A. boosted its holdings in shares of Altria Group by 0.9% during the second quarter. Raymond James Trust N.A. now owns 65,563 shares of the company’s stock worth $2,738,000 after purchasing an additional 558 shares during the period. Finally, Peak Financial Advisors LLC boosted its holdings in shares of Altria Group by 17.0% during the second quarter. Peak Financial Advisors LLC now owns 9,062 shares of the company’s stock worth $379,000 after purchasing an additional 1,319 shares during the period. 59.75% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Altria Group from $60.00 to $46.00 and set a “buy” rating for the company in a report on Friday, July 1st. Cowen lowered their price objective on shares of Altria Group from $56.00 to $45.00 and set a “market perform” rating for the company in a report on Monday, June 27th. Cowen lowered their price objective on shares of Altria Group from $56.00 to $45.00 and set a “market perform” rating for the company in a report on Monday, June 27th. StockNews.com upgraded shares of Altria Group from a “hold” rating to a “buy” rating in a report on Monday. Finally, Bank of America lowered their price objective on shares of Altria Group from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Friday, July 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Altria Group has an average rating of “Hold” and an average target price of $47.00.

Altria Group Stock Up 0.6 %

NYSE MO traded up $0.26 on Thursday, reaching $43.27. The company had a trading volume of 7,642,490 shares, compared to its average volume of 10,072,243. The firm’s 50 day moving average price is $44.24 and its 200 day moving average price is $48.55. Altria Group, Inc. has a 12 month low of $41.00 and a 12 month high of $57.05. The stock has a market capitalization of $77.92 billion, a PE ratio of 44.34, a price-to-earnings-growth ratio of 1.36 and a beta of 0.59.

Altria Group (NYSE:MOGet Rating) last posted its earnings results on Thursday, July 28th. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.01. Altria Group had a net margin of 6.88% and a negative return on equity of 488.86%. The firm had revenue of $5.37 billion for the quarter, compared to the consensus estimate of $5.42 billion. During the same period in the previous year, the firm posted $1.23 EPS. The business’s quarterly revenue was down 4.3% on a year-over-year basis. On average, research analysts expect that Altria Group, Inc. will post 4.85 EPS for the current year.

Altria Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 11th. Stockholders of record on Thursday, September 15th will be issued a $0.94 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This is an increase from Altria Group’s previous quarterly dividend of $0.90. This represents a $3.76 dividend on an annualized basis and a dividend yield of 8.69%. Altria Group’s payout ratio is 387.63%.

Altria Group Company Profile

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Altria Group, Inc, through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. The company provides cigarettes primarily under the Marlboro brand; cigars and pipe tobacco principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands, as well as provides on! oral nicotine pouches.

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

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