Convergence Investment Partners LLC Boosts Position in Altria Group Inc (NYSE:MO)

Convergence Investment Partners LLC boosted its position in shares of Altria Group Inc (NYSE:MO) by 3.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 49,860 shares of the company’s stock after acquiring an additional 1,671 shares during the quarter. Convergence Investment Partners LLC’s holdings in Altria Group were worth $1,957,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. increased its position in Altria Group by 2.2% in the first quarter. BlackRock Inc. now owns 146,451,570 shares of the company’s stock worth $5,663,283,000 after buying an additional 3,220,828 shares in the last quarter. Capital World Investors increased its position in Altria Group by 10.9% in the first quarter. Capital World Investors now owns 82,778,790 shares of the company’s stock worth $3,201,056,000 after buying an additional 8,150,622 shares in the last quarter. State Street Corp increased its position in Altria Group by 5.2% in the first quarter. State Street Corp now owns 80,112,432 shares of the company’s stock worth $3,162,460,000 after buying an additional 3,957,880 shares in the last quarter. Geode Capital Management LLC increased its position in Altria Group by 1.6% in the first quarter. Geode Capital Management LLC now owns 26,294,670 shares of the company’s stock worth $1,015,027,000 after buying an additional 411,478 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Altria Group by 22.7% in the first quarter. JPMorgan Chase & Co. now owns 16,967,449 shares of the company’s stock worth $656,132,000 after buying an additional 3,141,027 shares in the last quarter. Institutional investors and hedge funds own 63.59% of the company’s stock.

MO stock traded down $0.43 during mid-day trading on Friday, reaching $41.15. 7,567,629 shares of the stock traded hands, compared to its average volume of 6,420,735. The company has a debt-to-equity ratio of 4.76, a quick ratio of 0.53 and a current ratio of 0.75. Altria Group Inc has a one year low of $30.95 and a one year high of $52.45. The stock has a market capitalization of $76.47 billion, a PE ratio of -79.13, a PEG ratio of 1.93 and a beta of 0.43. The business has a 50-day moving average price of $40.34 and a two-hundred day moving average price of $41.29.

Altria Group (NYSE:MO) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.03. Altria Group had a negative net margin of 3.57% and a positive return on equity of 109.11%. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the business posted $1.10 earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. On average, equities analysts expect that Altria Group Inc will post 4.3 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Tuesday, September 15th will be issued a $0.86 dividend. The ex-dividend date is Monday, September 14th. This is a boost from Altria Group’s previous quarterly dividend of $0.84. This represents a $3.44 dividend on an annualized basis and a dividend yield of 8.36%. Altria Group’s dividend payout ratio is presently 79.62%.

Several research firms recently issued reports on MO. Piper Sandler reiterated a “buy” rating and set a $57.00 target price on shares of Altria Group in a research report on Tuesday, July 7th. Cfra boosted their target price on shares of Altria Group from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, April 30th. Citigroup boosted their target price on shares of Altria Group from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday. Barclays downgraded shares of Altria Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $50.00 to $43.00 in a report on Wednesday, July 8th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $52.00 target price on shares of Altria Group in a report on Monday, June 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. Altria Group has an average rating of “Buy” and an average price target of $50.36.

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

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