Keudell Morrison Wealth Management Cuts Holdings in Altria Group Inc (NYSE:MO)
Keudell Morrison Wealth Management lowered its stake in Altria Group Inc (NYSE:MO) by 13.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,493 shares of the company’s stock after selling 6,381 shares during the period. Altria Group makes up approximately 1.3% of Keudell Morrison Wealth Management’s investment portfolio, making the stock its 18th biggest position. Keudell Morrison Wealth Management’s holdings in Altria Group were worth $1,589,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MO. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Altria Group in the fourth quarter worth about $928,000. CSat Investment Advisory L.P. increased its position in shares of Altria Group by 17.8% during the fourth quarter. CSat Investment Advisory L.P. now owns 3,754 shares of the company’s stock worth $188,000 after purchasing an additional 568 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of Altria Group by 154.0% during the fourth quarter. Meeder Asset Management Inc. now owns 9,006 shares of the company’s stock worth $449,000 after purchasing an additional 5,460 shares in the last quarter. Level Four Advisory Services LLC increased its position in shares of Altria Group by 2.2% during the fourth quarter. Level Four Advisory Services LLC now owns 30,639 shares of the company’s stock worth $3,734,000 after purchasing an additional 656 shares in the last quarter. Finally, 361 Capital LLC acquired a new position in shares of Altria Group during the fourth quarter worth $466,000. Institutional investors own 63.59% of the company’s stock.
A number of brokerages have recently issued reports on MO. Piper Sandler reaffirmed a “buy” rating and set a $57.00 price target on shares of Altria Group in a research report on Tuesday, July 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $52.00 price target on shares of Altria Group in a research report on Monday, June 8th. Panmure Gordon raised shares of Altria Group from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Friday, April 3rd. Cfra boosted their price objective on shares of Altria Group from $42.00 to $44.00 and gave the company a “hold” rating in a report on Thursday, April 30th. Finally, Jefferies Financial Group reissued a “neutral” rating and set a $34.00 price objective on shares of Altria Group in a report on Thursday, April 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $50.29.
Altria Group (NYSE:MO) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.98 by $0.11. Altria Group had a negative net margin of 3.33% and a positive return on equity of 84.55%. The company had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.51 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. Analysts anticipate that Altria Group Inc will post 4.25 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Monday, June 15th were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 8.18%. The ex-dividend date was Friday, June 12th. Altria Group’s payout ratio is 79.62%.
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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