Noesis Capital Mangement Corp trimmed its position in Altria Group Inc (NYSE:MO) by 9.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 17,710 shares of the company’s stock after selling 1,910 shares during the period. Noesis Capital Mangement Corp’s holdings in Altria Group were worth $839,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in MO. Country Trust Bank boosted its holdings in shares of Altria Group by 86.9% during the first quarter. Country Trust Bank now owns 514 shares of the company’s stock worth $30,000 after purchasing an additional 239 shares during the period. James Investment Research Inc. acquired a new stake in Altria Group in the first quarter valued at approximately $43,000. Creative Financial Designs Inc. ADV lifted its stake in Altria Group by 113.4% in the first quarter. Creative Financial Designs Inc. ADV now owns 783 shares of the company’s stock valued at $45,000 after acquiring an additional 416 shares during the last quarter. Interactive Financial Advisors lifted its stake in Altria Group by 166.7% in the first quarter. Interactive Financial Advisors now owns 800 shares of the company’s stock valued at $46,000 after acquiring an additional 500 shares during the last quarter. Finally, HMS Capital Management LLC acquired a new stake in Altria Group in the second quarter valued at approximately $41,000. Institutional investors own 62.72% of the company’s stock.
MO has been the subject of a number of analyst reports. Royal Bank of Canada set a $68.00 target price on shares of Altria Group and gave the company a “buy” rating in a research note on Wednesday, July 31st. ValuEngine cut shares of Altria Group from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Goldman Sachs Group cut shares of Altria Group from a “buy” rating to a “neutral” rating and set a $49.86 target price for the company. in a research note on Friday, July 12th. Wells Fargo & Co reiterated a “buy” rating on shares of Altria Group in a research note on Friday, August 9th. Finally, TheStreet cut shares of Altria Group from a “b-” rating to a “c+” rating in a research note on Wednesday, August 14th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $60.74.
Altria Group (NYSE:MO) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.10 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.10. Altria Group had a net margin of 25.04% and a return on equity of 51.53%. The company had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same quarter last year, the firm posted $1.01 earnings per share. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, analysts forecast that Altria Group Inc will post 4.17 EPS for the current year.
Altria Group declared that its board has approved a share buyback plan on Tuesday, July 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 1.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
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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