Wealth Enhancement Advisory Services LLC boosted its stake in shares of Altria Group Inc (NYSE:MO) by 4.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 48,867 shares of the company’s stock after purchasing an additional 1,919 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Altria Group were worth $2,459,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Country Trust Bank grew its stake in shares of Altria Group by 86.9% during the first quarter. Country Trust Bank now owns 514 shares of the company’s stock valued at $30,000 after buying an additional 239 shares during the last quarter. HMS Capital Management LLC bought a new position in shares of Altria Group during the second quarter valued at approximately $41,000. James Investment Research Inc. bought a new position in shares of Altria Group during the first quarter valued at approximately $43,000. Creative Financial Designs Inc. ADV grew its stake in shares of Altria Group by 113.4% during the first quarter. Creative Financial Designs Inc. ADV now owns 783 shares of the company’s stock valued at $45,000 after buying an additional 416 shares during the last quarter. Finally, Interactive Financial Advisors grew its stake in shares of Altria Group by 166.7% during the first quarter. Interactive Financial Advisors now owns 800 shares of the company’s stock valued at $46,000 after buying an additional 500 shares during the last quarter. 64.25% of the stock is currently owned by institutional investors.
Shares of NYSE MO traded down $0.45 during trading hours on Thursday, reaching $45.42. The stock had a trading volume of 372,228 shares, compared to its average volume of 7,863,696. The company has a current ratio of 0.56, a quick ratio of 0.28 and a debt-to-equity ratio of 1.87. The firm has a market cap of $85.97 billion, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 1.44 and a beta of 0.38. The company has a fifty day moving average price of $48.46. Altria Group Inc has a 52-week low of $42.40 and a 52-week high of $66.04.
Altria Group announced that its board has authorized a share repurchase program on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 1.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of research analysts have recently commented on MO shares. Royal Bank of Canada set a $68.00 target price on Altria Group and gave the company a “buy” rating in a research note on Wednesday, July 31st. Morgan Stanley cut their target price on Altria Group from $48.00 to $44.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Altria Group in a research note on Friday, August 9th. Citigroup set a $45.00 target price on Altria Group and gave the company a “sell” rating in a research note on Friday, April 26th. Finally, Goldman Sachs Group cut Altria Group from a “buy” rating to a “neutral” rating and set a $49.86 target price on the stock. in a research note on Friday, July 12th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $60.74.
In related news, VP W Hildebrandt Surgner, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $52.48, for a total value of $104,960.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.11% of the stock is currently owned by insiders.
About Altria Group
Altria Group, Inc, through its subsidiaries, manufactures and sells cigarettes, smokeless products, and wine in the United States. It offers cigarettes primarily under the Marlboro brand; cigars principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands.
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