Callodine Capital Management LP Increases Stake in British American Tobacco p.l.c. $BTI

Key Points

• Callodine Capital Management increased its stake in British American Tobacco by 15.2%, purchasing 80,300 shares to hold 607,800 shares worth about $32.26M, representing roughly 2.8% of its portfolio and its 12th largest position.
• Several other institutions also added or initiated positions (e.g., Capital Wealth Planning ~$9.3M, Marshall Wace ~$18.0M), with total institutional ownership at about 16.16% of the company.
• Analyst sentiment is a consensus "Moderate Buy" with a $51 average target, and BAT recently declared a quarterly dividend of $0.8349 (annualized $3.34), implying a 5.6% yield.

Callodine Capital Management LP increased its stake in British American Tobacco p.l.c. (NYSE:BTI - Free Report) by 15.2% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 607,800 shares of the company's stock after purchasing an additional 80,300 shares during the period. British American Tobacco accounts for about 2.8% of Callodine Capital Management LP's portfolio, making the stock its 12th largest position. Callodine Capital Management LP's holdings in British American Tobacco were worth $32,262,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Capital Wealth Planning LLC purchased a new position in British American Tobacco during the 3rd quarter worth approximately $9,301,000. FORA Capital LLC purchased a new stake in shares of British American Tobacco in the 3rd quarter valued at $1,457,000. Glenmede Investment Management LP increased its stake in shares of British American Tobacco by 3.0% in the third quarter. Glenmede Investment Management LP now owns 12,338 shares of the company's stock worth $655,000 after acquiring an additional 364 shares during the period. Boston Partners raised its holdings in shares of British American Tobacco by 83.1% during the third quarter. Boston Partners now owns 101,019 shares of the company's stock worth $5,362,000 after purchasing an additional 45,841 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in British American Tobacco during the third quarter valued at $18,033,000. Hedge funds and other institutional investors own 16.16% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Kepler Capital Markets started coverage on British American Tobacco in a research report on Friday, December 12th. They set a "buy" rating on the stock. Weiss Ratings raised British American Tobacco from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, February 17th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of British American Tobacco in a report on Friday, November 28th. Morgan Stanley reiterated an "underweight" rating on shares of British American Tobacco in a research report on Wednesday, December 10th. Finally, Citigroup reissued a "buy" rating on shares of British American Tobacco in a report on Friday, November 28th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.00.

British American Tobacco Trading Up 0.1%

Shares of British American Tobacco stock opened at $59.93 on Friday. The firm has a 50-day simple moving average of $59.37 and a two-hundred day simple moving average of $56.42. The company has a current ratio of 0.87, a quick ratio of 0.57 and a debt-to-equity ratio of 0.66. British American Tobacco p.l.c. has a fifty-two week low of $37.96 and a fifty-two week high of $63.22.

British American Tobacco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 8th. Stockholders of record on Tuesday, December 29th will be given a $0.8349 dividend. The ex-dividend date is Tuesday, December 29th. This represents a $3.34 dividend on an annualized basis and a dividend yield of 5.6%.

British American Tobacco 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.

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