Assetmark Inc. Increases Stock Holdings in Altria Group, Inc. (NYSE:MO)

Key Points

• Assetmark Inc. increased its stake in Altria Group, Inc. by 1.7%, owning 2,269,108 shares worth approximately $136.2 million as of the latest reporting period.
• Analysts have mixed views on Altria's stock, with ratings ranging from a "sell" to a "hold," and a current average price target of $56.75.
• Altria Group recently declared a quarterly dividend of $1.02 per share, resulting in an annualized dividend yield of 6.82%.

Assetmark Inc. grew its holdings in Altria Group, Inc. (NYSE:MO - Free Report) by 1.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,269,108 shares of the company's stock after buying an additional 37,283 shares during the period. Assetmark Inc. owned approximately 0.13% of Altria Group worth $136,192,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Redwood Park Advisors LLC bought a new stake in Altria Group during the 4th quarter valued at about $26,000. Inlight Wealth Management LLC purchased a new position in shares of Altria Group in the 1st quarter worth approximately $31,000. Sierra Ocean LLC grew its position in shares of Altria Group by 226.3% in the 1st quarter. Sierra Ocean LLC now owns 509 shares of the company's stock worth $31,000 after buying an additional 353 shares during the last quarter. Pinney & Scofield Inc. purchased a new position in shares of Altria Group in the 4th quarter worth approximately $33,000. Finally, Bellwether Advisors LLC purchased a new stake in Altria Group during the 4th quarter worth approximately $38,000. 57.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MO. Jefferies Financial Group initiated coverage on shares of Altria Group in a research report on Wednesday, July 9th. They set an "underperform" rating and a $50.00 target price on the stock. UBS Group upgraded shares of Altria Group from a "sell" rating to a "neutral" rating and lifted their target price for the company from $47.00 to $59.00 in a research report on Wednesday, July 2nd. Barclays boosted their price objective on Altria Group from $46.00 to $49.00 and gave the stock an "underweight" rating in a research note on Friday, May 2nd. Needham & Company LLC upgraded shares of Altria Group to a "hold" rating in a research report on Thursday, May 22nd. Finally, Stifel Nicolaus increased their target price on shares of Altria Group from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $56.75.

Altria Group Stock Up 0.4%

MO stock traded up $0.21 during mid-day trading on Friday, hitting $59.82. 6,364,526 shares of the company were exchanged, compared to its average volume of 8,799,226. The firm has a market capitalization of $100.77 billion, a P/E ratio of 10.02, a PEG ratio of 3.43 and a beta of 0.59. The business has a fifty day simple moving average of $59.28 and a 200-day simple moving average of $57.06. Altria Group, Inc. has a 12-month low of $47.57 and a 12-month high of $61.26.

Altria Group (NYSE:MO - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.04. The business had revenue of $4.52 billion for the quarter, compared to analysts' expectations of $4.64 billion. Altria Group had a net margin of 43.09% and a negative return on equity of 295.44%. The business's quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.15 earnings per share. Research analysts predict that Altria Group, Inc. will post 5.32 EPS for the current year.

Altria Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Monday, June 16th were given a dividend of $1.02 per share. The ex-dividend date was Monday, June 16th. This represents a $4.08 annualized dividend and a dividend yield of 6.82%. Altria Group's dividend payout ratio is presently 68.34%.

Altria Group Company Profile

Altria Group, Inc, through its subsidiaries, manufactures and sells smokeable and oral tobacco products in the United States. The company offers cigarettes primarily under the Marlboro brand; large cigars and pipe tobacco under the Black & Mild brand; moist smokeless tobacco and snus products under the Copenhagen, Skoal, Red Seal, and Husky brands; oral nicotine pouches under the on! brand; and e-vapor products under the NJOY ACE brand.