British American Tobacco p.l.c. $BTI is ABC Arbitrage SA's 10th Largest Position

Key Points

• ABC Arbitrage SA cut its stake in British American Tobacco by 57.5% in the first quarter, selling 527,925 shares and leaving it with 390,728 shares valued at about $22.8 million. Even after the trim, BTI remained the fund’s 10th-largest position, representing roughly 3.0% of holdings.
• Wall Street sentiment is still generally positive, with six analysts rating BTI a Buy and one rating it a Sell. MarketBeat data shows an average rating of Moderate Buy and a consensus price target of $51.00.
• BTI shares were trading lower, opening at $58.97 and sitting below both the 50-day and 200-day moving averages. The company operates as a major global tobacco and nicotine-products manufacturer with brands such as Dunhill, Lucky Strike, Pall Mall, Kent and Rothmans.

ABC Arbitrage SA trimmed its holdings in British American Tobacco p.l.c. (NYSE:BTI - Free Report) by 57.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 390,728 shares of the company's stock after selling 527,925 shares during the period. British American Tobacco accounts for about 3.0% of ABC Arbitrage SA's holdings, making the stock its 10th biggest holding. ABC Arbitrage SA's holdings in British American Tobacco were worth $22,846,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. First Command Advisory Services Inc. boosted its position in shares of British American Tobacco by 1,386.7% during the 4th quarter. First Command Advisory Services Inc. now owns 446 shares of the company's stock valued at $25,000 after acquiring an additional 416 shares during the last quarter. Glen Eagle Advisors LLC acquired a new position in British American Tobacco in the 4th quarter valued at about $26,000. Cary Street Partners Financial LLC acquired a new position in British American Tobacco in the 2nd quarter valued at about $30,000. SHP Wealth Management acquired a new stake in shares of British American Tobacco during the 4th quarter worth approximately $35,000. Finally, Cornerstone Planning Group LLC lifted its holdings in British American Tobacco by 141.2% in the fourth quarter. Cornerstone Planning Group LLC now owns 591 shares of the company's stock valued at $36,000 after acquiring an additional 346 shares during the last quarter. 16.16% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Citigroup reissued a "buy" rating on shares of British American Tobacco in a research note on Thursday, May 14th. Wall Street Zen lowered shares of British American Tobacco from a "buy" rating to a "hold" rating in a report on Saturday, June 13th. Morgan Stanley reaffirmed an "overweight" rating on shares of British American Tobacco in a research note on Monday, June 8th. Finally, Weiss Ratings raised shares of British American Tobacco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, British American Tobacco has an average rating of "Moderate Buy" and a consensus target price of $51.00.

British American Tobacco Trading Down 1.7%

Shares of BTI opened at $58.97 on Tuesday. The company's 50-day simple moving average is $61.73 and its 200-day simple moving average is $59.74. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.87 and a quick ratio of 0.57. British American Tobacco p.l.c. has a 1 year low of $49.88 and a 1 year high of $67.30.

British American Tobacco Company Profile

British American Tobacco plc (BTI) is a multinational tobacco manufacturer and nicotine products company headquartered in London. Founded in 1902 as a joint venture to commercialize tobacco products outside the United States, the company has grown into one of the world's largest tobacco firms with a long history in manufacturing and global distribution of combustible tobacco products.

BAT's core business remains the manufacture and sale of cigarettes and other tobacco products under a portfolio of well-known consumer brands, including Dunhill, Lucky Strike, Pall Mall, Kent and Rothmans.

Want to see what other hedge funds are holding BTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for British American Tobacco p.l.c. (NYSE:BTI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.