Connor Clark & Lunn Investment Management Ltd. Reduces Position in British American Tobacco p.l.c. $BTI

Connor Clark & Lunn Investment Management Ltd. cut its stake in shares of British American Tobacco p.l.c. (NYSE:BTI - Free Report) by 89.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 75,424 shares of the company's stock after selling 651,691 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in British American Tobacco were worth $3,120,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in BTI. Capital International Investors increased its stake in shares of British American Tobacco by 17.1% in the 4th quarter. Capital International Investors now owns 38,873,006 shares of the company's stock worth $1,411,179,000 after purchasing an additional 5,673,619 shares in the last quarter. Capital Research Global Investors lifted its stake in British American Tobacco by 0.3% in the fourth quarter. Capital Research Global Investors now owns 15,594,361 shares of the company's stock worth $566,381,000 after purchasing an additional 47,439 shares during the last quarter. Northern Trust Corp raised its stake in shares of British American Tobacco by 33.6% during the fourth quarter. Northern Trust Corp now owns 2,438,016 shares of the company's stock valued at $88,549,000 after acquiring an additional 612,907 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of British American Tobacco by 3.0% during the first quarter. Envestnet Asset Management Inc. now owns 1,447,083 shares of the company's stock valued at $59,866,000 after acquiring an additional 42,531 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of British American Tobacco by 3.1% during the fourth quarter. First Trust Advisors LP now owns 1,293,782 shares of the company's stock valued at $46,990,000 after acquiring an additional 39,035 shares in the last quarter. 16.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays reaffirmed an "overweight" rating on shares of British American Tobacco in a research note on Friday, June 13th. Wall Street Zen downgraded shares of British American Tobacco from a "buy" rating to a "hold" rating in a research note on Saturday, July 26th. Bank of America began coverage on shares of British American Tobacco in a report on Wednesday, April 30th. They issued a "buy" rating for the company. Jefferies Financial Group began coverage on shares of British American Tobacco in a research note on Wednesday, July 9th. They issued a "buy" rating for the company. Finally, Morgan Stanley reissued an "underweight" rating and issued a $40.00 price objective on shares of British American Tobacco in a research note on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, British American Tobacco presently has a consensus rating of "Moderate Buy" and an average price target of $40.00.

British American Tobacco Stock Up 1.3%

Shares of BTI stock traded up $0.75 during trading hours on Monday, reaching $57.90. 1,789,733 shares of the company's stock were exchanged, compared to its average volume of 5,746,916. The stock's 50 day moving average is $51.36 and its 200-day moving average is $45.09. The company has a market cap of $119.25 billion, a price-to-earnings ratio of 11.89, a P/E/G ratio of 2.24 and a beta of 0.38. The company has a current ratio of 0.87, a quick ratio of 0.55 and a debt-to-equity ratio of 0.68. British American Tobacco p.l.c. has a fifty-two week low of $34.17 and a fifty-two week high of $58.46.

British American Tobacco Cuts Dividend

The firm also recently declared a dividend, which was paid on Wednesday, August 6th. Stockholders of record on Monday, June 30th were given a dividend of $0.7391 per share. The ex-dividend date of this dividend was Friday, June 27th. This represents a dividend yield of 599.0%. British American Tobacco's dividend payout ratio is presently 64.68%.

British American Tobacco Profile

British American Tobacco p.l.c. engages in the provision of tobacco and nicotine products to consumers worldwide. It also offers vapour, heated, and modern oral nicotine products; combustible cigarettes; and traditional oral products, such as snus and moist snuff. The company offers its products under the Vuse, glo, Velo, Grizzly, Kodiak, Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Camel, Natural American Spirit, Newport, Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, State Express 555 and Shuang Xi brands.