Fred Alger Management LLC Sells 57,862 Shares of Altria Group, Inc. $MO

Key Points

• Fred Alger Management LLC reduced its stake in Altria Group, selling 57,862 shares and decreasing its position by 39.9% in the first quarter, leaving it with 87,267 shares worth approximately $5.3 million.
• Altria Group announced a quarterly dividend of $1.06, marking an increase from the previous $1.02, with a dividend yield of 6.4%.
• The stock has recently been rated by analysts with a positive trend, including a target price increase from Bank of America to $72.00 and a consensus rating of "Hold".

Fred Alger Management LLC reduced its holdings in Altria Group, Inc. (NYSE:MO - Free Report) by 39.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,267 shares of the company's stock after selling 57,862 shares during the quarter. Fred Alger Management LLC's holdings in Altria Group were worth $5,327,000 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 MO. Inlight Wealth Management LLC purchased a new position in shares of Altria Group in the first quarter worth approximately $31,000. Sierra Ocean LLC increased its position in shares of Altria Group by 226.3% in the first quarter. Sierra Ocean LLC now owns 509 shares of the company's stock worth $31,000 after acquiring an additional 353 shares in the last quarter. Pinney & Scofield Inc. purchased a new position in shares of Altria Group in the fourth quarter worth approximately $33,000. TruNorth Capital Management LLC increased its position in shares of Altria Group by 51.8% in the first quarter. TruNorth Capital Management LLC now owns 636 shares of the company's stock worth $38,000 after acquiring an additional 217 shares in the last quarter. Finally, Menard Financial Group LLC purchased a new position in shares of Altria Group in the fourth quarter worth approximately $39,000. 57.41% of the stock is currently owned by institutional investors.

Altria Group Price Performance

Altria Group stock traded up $0.28 during trading hours on Friday, hitting $66.64. The company had a trading volume of 7,962,739 shares, compared to its average volume of 6,965,362. The firm has a market capitalization of $111.95 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 3.57 and a beta of 0.59. The firm's fifty day moving average is $63.28 and its 200-day moving average is $60.09. Altria Group, Inc. has a fifty-two week low of $48.86 and a fifty-two week high of $68.60.

Altria Group (NYSE:MO - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.07. The firm had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.21 billion. Altria Group had a net margin of 37.24% and a negative return on equity of 295.26%. The company's revenue for the quarter was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.31 EPS. Altria Group has set its FY 2025 guidance at 5.350-5.450 EPS. Analysts anticipate that Altria Group, Inc. will post 5.32 earnings per share for the current year.

Altria Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 15th will be given a $1.06 dividend. This is a positive change from Altria Group's previous quarterly dividend of $1.02. This represents a $4.24 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Monday, September 15th. Altria Group's payout ratio is presently 78.92%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Altria Group from $57.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 31st. Needham & Company LLC raised shares of Altria Group to a "hold" rating in a research report on Thursday, May 22nd. UBS Group raised shares of Altria Group from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $47.00 to $59.00 in a research report on Wednesday, July 2nd. Jefferies Financial Group started coverage on shares of Altria Group in a research note on Wednesday, July 9th. They issued an "underperform" rating and a $50.00 price objective on the stock. Finally, Stifel Nicolaus set a $72.00 price objective on shares of Altria Group in a research note on Thursday, August 21st. Two analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $60.88.

Altria Group 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.