AdvisorNet Financial Inc Sells 1,267 Shares of Altria Group, Inc. (NYSE:MO)

AdvisorNet Financial Inc trimmed its stake in Altria Group, Inc. (NYSE:MO) by 6.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,310 shares of the company’s stock after selling 1,267 shares during the period. AdvisorNet Financial Inc’s holdings in Altria Group were worth $834,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Van ECK Associates Corp lifted its stake in Altria Group by 120.6% in the first quarter. Van ECK Associates Corp now owns 8,762,047 shares of the company’s stock worth $382,201,000 after purchasing an additional 4,789,788 shares during the last quarter. United Services Automobile Association boosted its holdings in Altria Group by 103.9% during the 4th quarter. United Services Automobile Association now owns 1,803,226 shares of the company’s stock valued at $72,742,000 after acquiring an additional 919,058 shares during the period. Victory Capital Management Inc. boosted its holdings in Altria Group by 24.4% during the 4th quarter. Victory Capital Management Inc. now owns 4,674,441 shares of the company’s stock valued at $188,567,000 after acquiring an additional 915,478 shares during the period. Bank of Nova Scotia grew its position in Altria Group by 131.3% in the 4th quarter. Bank of Nova Scotia now owns 1,418,284 shares of the company’s stock valued at $57,211,000 after acquiring an additional 805,051 shares during the last quarter. Finally, Cetera Investment Advisers increased its stake in Altria Group by 415.4% in the first quarter. Cetera Investment Advisers now owns 984,285 shares of the company’s stock worth $42,935,000 after purchasing an additional 793,327 shares during the period. Hedge funds and other institutional investors own 57.41% of the company’s stock.

Altria Group Trading Down 0.6 %

Shares of MO traded down $0.31 during mid-day trading on Thursday, hitting $50.88. The company’s stock had a trading volume of 4,098,466 shares, compared to its average volume of 10,565,557. The firm has a market capitalization of $87.39 billion, a price-to-earnings ratio of 10.63, a PEG ratio of 3.07 and a beta of 0.66. The company’s 50-day moving average is $47.76 and its 200-day moving average is $44.55. Altria Group, Inc. has a 52-week low of $39.06 and a 52-week high of $51.40.

Altria Group (NYSE:MO) last announced its earnings results on Wednesday, July 31st. The company reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.04). Altria Group had a net margin of 42.25% and a negative return on equity of 232.55%. The company had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the business posted $1.31 EPS. The firm’s revenue was up 14.2% compared to the same quarter last year. As a group, sell-side analysts predict that Altria Group, Inc. will post 5.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Bank of America upped their price target on shares of Altria Group from $47.00 to $48.00 and gave the stock a “neutral” rating in a report on Wednesday, July 10th. Argus upgraded shares of Altria Group to a “hold” rating in a research note on Friday, May 31st. StockNews.com raised shares of Altria Group from a “hold” rating to a “buy” rating in a research report on Friday, June 28th. Stifel Nicolaus boosted their price target on Altria Group from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Barclays raised their price objective on Altria Group from $37.00 to $43.00 and gave the stock an “underweight” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Altria Group has an average rating of “Hold” and a consensus price target of $47.08.

About Altria Group

Altria Group, Inc, through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. The company offers cigarettes primarily under the Marlboro brand; large cigars and pipe tobacco under the Black & Mild brand; moist smokeless tobacco and snus products under the Copenhagen, Skoal, Red Seal, and Husky brands; oral nicotine pouches under the on! brand; and e-vapor products under the NJOY ACE brand.