British American Tobacco (NYSE:BTI) Sets New 1-Year High - Here's What Happened

Key Points

• British American Tobacco shares have reached a new 52-week high at $58.70, which is a significant increase from the previous closing price of $57.47.
• Several analysts have given mixed ratings on the stock, with four analysts recommending a Buy and one recommending a Sell, leading to a consensus rating of "Moderate Buy."
• The company has declared a recent dividend of $0.7391 per share, resulting in a high dividend yield of 599.0%, despite plans to cut dividends overall.

British American Tobacco p.l.c. (NYSE:BTI - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $58.70 and last traded at $58.69, with a volume of 608464 shares trading hands. The stock had previously closed at $57.47.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BTI. Barclays reaffirmed an "overweight" rating on shares of British American Tobacco in a research note on Friday, June 13th. Jefferies Financial Group began coverage on shares of British American Tobacco in a research note on Wednesday, July 9th. They issued a "buy" rating on the stock. Wall Street Zen lowered shares of British American Tobacco from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Morgan Stanley reaffirmed an "underweight" rating and issued a $40.00 target price on shares of British American Tobacco in a research note on Friday, August 15th. Finally, Bank of America began coverage on shares of British American Tobacco in a research note on Wednesday, April 30th. They issued a "buy" rating on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, British American Tobacco currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.00.

British American Tobacco Stock Down 1.3%

The firm's 50 day moving average is $52.37 and its two-hundred day moving average is $45.69. The firm has a market cap of $120.44 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 2.35 and a beta of 0.38. The company has a current ratio of 0.87, a quick ratio of 0.55 and a debt-to-equity ratio of 0.68.

British American Tobacco Cuts Dividend

The company also recently disclosed a dividend, which was paid on Wednesday, August 6th. Investors of record on Monday, June 30th were paid a dividend of $0.7391 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a yield of 599.0%. British American Tobacco's dividend payout ratio (DPR) is presently 64.68%.

Institutional Trading of British American Tobacco

Several hedge funds have recently bought and sold shares of the stock. Orbis Allan Gray Ltd raised its holdings in British American Tobacco by 20.7% during the 2nd quarter. Orbis Allan Gray Ltd now owns 14,503,968 shares of the company's stock worth $686,473,000 after buying an additional 2,482,737 shares during the period. GQG Partners LLC raised its holdings in British American Tobacco by 59.8% during the 1st quarter. GQG Partners LLC now owns 9,598,465 shares of the company's stock worth $397,089,000 after buying an additional 3,590,916 shares during the period. Bank of America Corp DE raised its holdings in British American Tobacco by 35.1% during the 2nd quarter. Bank of America Corp DE now owns 5,355,932 shares of the company's stock worth $253,496,000 after buying an additional 1,392,799 shares during the period. Federated Hermes Inc. raised its holdings in British American Tobacco by 2,066.9% during the 2nd quarter. Federated Hermes Inc. now owns 3,476,001 shares of the company's stock worth $164,519,000 after buying an additional 3,315,589 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in British American Tobacco by 93.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 2,792,258 shares of the company's stock worth $132,158,000 after buying an additional 1,345,175 shares during the period. 16.16% of the stock is currently owned by institutional investors and hedge funds.

About British American Tobacco

British American Tobacco p.l.c. engages in the provision of tobacco and nicotine products to consumers worldwide. It also offers vapour, heated, and modern oral nicotine products; combustible cigarettes; and traditional oral products, such as snus and moist snuff. The company offers its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Camel, Natural American Spirit, Newport, Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, State Express 555 and Shuang Xi brands.