Associated Banc Corp Cuts Stock Position in Altria Group, Inc. (NYSE:MO)

Key Points

• Associated Banc Corp reduced its stake in Altria Group by 12.4% during Q1, now holding 41,567 shares valued at approximately $2.495 million.
• Altria Group announced a quarterly dividend of $1.02, translating to an annualized $4.08 with a dividend yield of 6.5%.
• Analysts provide a consensus rating of "Hold" for Altria Group, with a price target ranging from $49 to $65 as different firms issue varied ratings.

Associated Banc Corp cut its holdings in Altria Group, Inc. (NYSE:MO - Free Report) by 12.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 41,567 shares of the company's stock after selling 5,866 shares during the quarter. Associated Banc Corp's holdings in Altria Group were worth $2,495,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC increased its stake in shares of Altria Group by 64.7% during the fourth quarter. Brighton Jones LLC now owns 17,702 shares of the company's stock worth $926,000 after acquiring an additional 6,954 shares during the period. Wellington Management Group LLP increased its stake in shares of Altria Group by 15.9% during the fourth quarter. Wellington Management Group LLP now owns 263,131 shares of the company's stock worth $13,759,000 after acquiring an additional 36,167 shares during the period. Russell Investments Group Ltd. grew its position in Altria Group by 38.8% during the fourth quarter. Russell Investments Group Ltd. now owns 696,210 shares of the company's stock worth $36,403,000 after buying an additional 194,630 shares during the period. Invesco Ltd. grew its position in Altria Group by 9.1% during the fourth quarter. Invesco Ltd. now owns 11,801,958 shares of the company's stock worth $617,124,000 after buying an additional 983,328 shares during the period. Finally, Bank of Nova Scotia grew its position in Altria Group by 2.1% during the fourth quarter. Bank of Nova Scotia now owns 708,749 shares of the company's stock worth $37,060,000 after buying an additional 14,774 shares during the period. 57.41% of the stock is owned by hedge funds and other institutional investors.

Altria Group Stock Up 1.0%

Shares of MO traded up $0.66 on Friday, hitting $64.21. 5,433,128 shares of the stock traded hands, compared to its average volume of 8,586,698. The firm has a market capitalization of $107.87 billion, a P/E ratio of 12.42, a P/E/G ratio of 3.42 and a beta of 0.59. The stock's 50 day moving average is $59.72 and its two-hundred day moving average is $57.78. Altria Group, Inc. has a 1 year low of $48.86 and a 1 year high of $64.35.

Altria Group (NYSE:MO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.37 by $0.07. Altria Group had a net margin of 37.24% and a negative return on equity of 295.26%. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.21 billion. During the same quarter in the prior year, the business posted $1.31 earnings per share. Altria Group's revenue for the quarter was up .2% compared to the same quarter last year. Research analysts forecast that Altria Group, Inc. will post 5.32 EPS for the current year.

Altria Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 16th were given a dividend of $1.02 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $4.08 annualized dividend and a yield of 6.4%. Altria Group's dividend payout ratio is 78.92%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MO shares. Morgan Stanley upped their target price on shares of Altria Group from $57.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Jefferies Financial Group started 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. Wall Street Zen lowered shares of Altria Group from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Citigroup upped their target price on shares of Altria Group from $52.00 to $55.00 and gave the stock a "neutral" rating in a research report on Friday, April 25th. Finally, UBS Group upgraded shares of Altria Group from a "sell" rating to a "neutral" rating and upped their target price for the stock from $47.00 to $59.00 in a research report on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $59.13.

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.