Connor Clark & Lunn Investment Management Ltd. Sells 145,620 Shares of Altria Group, Inc. (NYSE:MO)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly reduced its stake in Altria Group, selling 145,620 shares and holding only 24,426 shares at the end of the first quarter.
• The stock has seen recent price target adjustments, with ratings varying from "buy" to "underperform," indicating divided analyst opinions on its performance.
• Altria Group reported a quarterly earnings per share of $1.44, exceeding analyst expectations, with a slight revenue increase compared to the previous year.

Connor Clark & Lunn Investment Management Ltd. decreased its position in shares of Altria Group, Inc. (NYSE:MO - Free Report) by 85.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,426 shares of the company's stock after selling 145,620 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Altria Group were worth $1,466,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. MUFG Securities EMEA plc bought a new position in shares of Altria Group during the 1st quarter worth $10,383,000. Zions Bancorporation National Association UT bought a new stake in Altria Group during the first quarter valued at about $97,000. Founders Financial Alliance LLC boosted its position in Altria Group by 2.7% during the first quarter. Founders Financial Alliance LLC now owns 68,505 shares of the company's stock valued at $4,112,000 after purchasing an additional 1,788 shares in the last quarter. NBW Capital LLC bought a new stake in Altria Group during the first quarter valued at about $206,000. Finally, Savvy Advisors Inc. boosted its position in Altria Group by 5.7% during the first quarter. Savvy Advisors Inc. now owns 16,342 shares of the company's stock valued at $981,000 after purchasing an additional 875 shares in the last quarter. Institutional investors own 57.41% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wall Street Zen downgraded Altria Group from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Morgan Stanley raised their price objective on Altria Group from $57.00 to $62.00 and gave the company an "equal weight" rating in a research report on Thursday, July 31st. Jefferies Financial Group assumed coverage on Altria Group in a research report on Wednesday, July 9th. They set an "underperform" rating and a $50.00 price objective on the stock. Stifel Nicolaus raised their price objective on Altria Group from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Finally, Barclays raised their price objective on Altria Group from $49.00 to $57.00 and gave the company an "underweight" rating in a research report on Wednesday, August 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $59.13.

Altria Group Stock Performance

Altria Group stock opened at $65.82 on Friday. The stock has a 50-day moving average of $60.31 and a two-hundred day moving average of $58.26. Altria Group, Inc. has a one year low of $48.86 and a one year high of $66.29. The stock has a market cap of $110.57 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 3.52 and a beta of 0.59.

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

About Altria Group

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.

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