Empire Life Investments Inc. Trims Stock Position in Altria Group, Inc. (NYSE:MO)

Key Points

• Empire Life Investments Inc. has reduced its holdings in Altria Group by 9.1%, selling 33,575 shares and now owning 336,145 shares, which represent about 1.3% of its portfolio.
• Altria Group reported $1.44 earnings per share for the recent quarter, exceeding analysts' expectations, with revenues of $5.29 billion, and a dividend yield of 6.6%.
• Several financial institutions have either acquired new stakes or increased their positions in Altria, indicating a shift in investor interest, with hedge funds currently owning 57.41% of its stock.

Empire Life Investments Inc. lowered its stake in shares of Altria Group, Inc. (NYSE:MO - Free Report) by 9.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 336,145 shares of the company's stock after selling 33,575 shares during the quarter. Altria Group makes up approximately 1.3% of Empire Life Investments Inc.'s portfolio, making the stock its 28th largest holding. Empire Life Investments Inc.'s holdings in Altria Group were worth $20,175,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. NorthCrest Asset Manangement LLC increased its stake in shares of Altria Group by 88.5% in the first quarter. NorthCrest Asset Manangement LLC now owns 8,536 shares of the company's stock worth $512,000 after purchasing an additional 4,007 shares in the last quarter. Brighton Jones LLC increased its stake in shares of Altria Group by 64.7% in the fourth quarter. Brighton Jones LLC now owns 17,702 shares of the company's stock worth $926,000 after purchasing an additional 6,954 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Altria Group by 17.8% in the first quarter. GAMMA Investing LLC now owns 36,028 shares of the company's stock worth $2,162,000 after purchasing an additional 5,440 shares in the last quarter. Patron Partners LLC increased its stake in shares of Altria Group by 12.2% in the first quarter. Patron Partners LLC now owns 12,217 shares of the company's stock worth $733,000 after purchasing an additional 1,325 shares in the last quarter. Finally, Sagespring Wealth Partners LLC purchased a new position in shares of Altria Group in the fourth quarter worth about $3,091,000. Institutional investors own 57.41% of the company's stock.

Altria Group Trading Up 1.0%

Shares of MO stock traded up $0.61 during trading hours on Wednesday, hitting $63.13. 6,431,230 shares of the company's stock were exchanged, compared to its average volume of 9,834,736. The company has a market capitalization of $106.05 billion, a PE ratio of 12.21, a PEG ratio of 3.36 and a beta of 0.59. Altria Group, Inc. has a 12-month low of $48.86 and a 12-month high of $63.76. The business's 50 day simple moving average is $59.49 and its 200-day simple moving average is $57.58.

Altria Group (NYSE:MO - Get Free Report) last issued its 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 company had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $5.21 billion. During the same period in the previous year, the firm earned $1.31 earnings per share. The firm's revenue for the quarter was up .2% on a year-over-year basis. Equities analysts anticipate that Altria Group, Inc. will post 5.32 EPS for the current year.

Altria Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Monday, June 16th were given a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 6.5%. The ex-dividend date of this dividend was Monday, June 16th. Altria Group's payout ratio is presently 78.92%.

Analyst Upgrades and Downgrades

MO has been the subject of a number of analyst reports. Barclays raised their price objective on shares of Altria Group from $49.00 to $57.00 and gave the company an "underweight" rating in a research report on Wednesday. Jefferies Financial Group initiated coverage on shares of Altria Group in a research report on Wednesday, July 9th. They issued an "underperform" rating and a $50.00 price objective for the company. Morgan Stanley raised their price objective on shares of Altria Group from $57.00 to $62.00 and gave the company an "equal weight" rating in a research report on Thursday, July 31st. UBS Group upgraded shares of Altria Group from a "sell" rating to a "neutral" rating and raised their price objective for the company from $47.00 to $59.00 in a research report on Wednesday, July 2nd. Finally, Citigroup raised their price objective on shares of Altria Group from $52.00 to $55.00 and gave the company a "neutral" rating in a research report on Friday, April 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average 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.