Assenagon Asset Management S.A. Lowers Position in Altria Group, Inc. $MO

Key Points

• Assenagon Asset Management S.A. cut its stake in Altria (NYSE: MO) by 55.7% in Q4, selling 597,598 shares and ending the quarter with 474,354 shares valued at about $27.35 million.
• Altria announced a quarterly dividend of $1.06 (ex-dividend March 25, payable April 30), implying a 6.6% yield while the payout ratio is elevated at 103.16%.
• Analysts are mixed — the consensus rating is "Hold" with an average price target of $65.11; UBS raised its target to $74 (buy) and the stock trades around $63.77 within a 52-week range of $52.82–$70.51.

Assenagon Asset Management S.A. lessened its holdings in shares of Altria Group, Inc. (NYSE:MO - Free Report) by 55.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 474,354 shares of the company's stock after selling 597,598 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Altria Group were worth $27,351,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of MO. Ameriprise Financial Inc. increased its stake in Altria Group by 62.5% in the second quarter. Ameriprise Financial Inc. now owns 16,395,070 shares of the company's stock valued at $954,446,000 after acquiring an additional 6,302,819 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Altria Group by 286.7% during the 3rd quarter. Marshall Wace LLP now owns 4,479,699 shares of the company's stock valued at $295,929,000 after buying an additional 3,321,262 shares in the last quarter. Freestone Grove Partners LP bought a new stake in Altria Group in the 3rd quarter worth approximately $89,460,000. Barclays PLC lifted its position in Altria Group by 24.9% in the 3rd quarter. Barclays PLC now owns 6,264,224 shares of the company's stock worth $413,815,000 after buying an additional 1,249,525 shares during the last quarter. Finally, State Street Corp boosted its stake in Altria Group by 1.2% in the second quarter. State Street Corp now owns 72,367,263 shares of the company's stock worth $4,315,438,000 after buying an additional 886,583 shares in the last quarter. Hedge funds and other institutional investors own 57.41% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Citigroup lifted their price target on shares of Altria Group from $57.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. UBS Group upped their price objective on shares of Altria Group from $67.00 to $74.00 and gave the company a "buy" rating in a research note on Monday, March 9th. Stifel Nicolaus reduced their target price on shares of Altria Group from $72.00 to $68.00 and set a "buy" rating on the stock in a report on Friday, January 30th. Jefferies Financial Group lifted their target price on shares of Altria Group from $47.00 to $50.00 and gave the stock an "underperform" rating in a research report on Wednesday, March 4th. Finally, Barclays boosted their price target on shares of Altria Group from $57.00 to $63.00 and gave the stock an "underweight" rating in a research note on Monday, February 23rd. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $65.11.

Altria Group Stock Performance

Shares of MO stock opened at $63.77 on Thursday. The company has a market capitalization of $106.61 billion, a P/E ratio of 15.51, a PEG ratio of 2.75 and a beta of 0.45. Altria Group, Inc. has a fifty-two week low of $52.82 and a fifty-two week high of $70.51. The stock has a 50 day moving average price of $65.45 and a two-hundred day moving average price of $62.52.

Altria Group (NYSE:MO - Get Free Report) last issued its earnings results on Thursday, January 29th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.02). Altria Group had a negative return on equity of 287.61% and a net margin of 29.84%.During the same quarter in the prior year, the firm posted $1.30 earnings per share. The firm's revenue for the quarter was down .5% on a year-over-year basis. As a group, equities analysts predict that Altria Group, Inc. will post 5.32 earnings per share for the current year.

Altria Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Wednesday, March 25th will be given a $1.06 dividend. The ex-dividend date is Wednesday, March 25th. This represents a $4.24 dividend on an annualized basis and a dividend yield of 6.6%. Altria Group's payout ratio is presently 103.16%.

Insider Activity at Altria Group

In other news, SVP Charles N. Whitaker sold 27,908 shares of the company's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $67.57, for a total transaction of $1,885,743.56. Following the completion of the transaction, the senior vice president directly owned 180,869 shares of the company's stock, valued at approximately $12,221,318.33. This represents a 13.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.08% of the company's stock.

Altria Group Company Profile

Altria Group, Inc NYSE: MO is a U.S.-based consumer goods company whose principal business is the manufacture and sale of tobacco products. Headquartered in Richmond, Virginia, the company's operations are focused primarily on the U.S. market and include the production, marketing and distribution of cigarettes, smokeless tobacco and cigars. Its flagship cigarette franchise in the United States is sold through its operating subsidiaries and is among the most recognizable cigarette brands in the country.

Altria's principal operating businesses include Philip Morris USA (cigarettes), U.S.

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