Gabelli Funds LLC Purchases New Stake in British American Tobacco p.l.c. $BTI

Key Points

• Gabelli Funds purchased a new 76,000-share stake in British American Tobacco during the first quarter, valued at approximately $4.44 million.
• Other institutional investors also increased their positions, with hedge funds and institutions collectively owning 16.16% of BTI’s outstanding shares.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $51.00, despite one analyst assigning a Sell rating.

Gabelli Funds LLC purchased a new stake in shares of British American Tobacco p.l.c. (NYSE:BTI - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 76,000 shares of the company's stock, valued at approximately $4,444,000.

Several other institutional investors have also recently bought and sold shares of the business. Orbis Allan Gray Ltd grew its holdings in shares of British American Tobacco by 20.7% during the second quarter. Orbis Allan Gray Ltd now owns 14,503,968 shares of the company's stock valued at $686,473,000 after buying an additional 2,482,737 shares during the last quarter. WCM Investment Management LLC raised its holdings in shares of British American Tobacco by 3,899.7% in the 1st quarter. WCM Investment Management LLC now owns 2,362,818 shares of the company's stock worth $137,658,000 after acquiring an additional 2,303,743 shares during the last quarter. Bank of America Corp DE lifted its position in British American Tobacco by 29.5% in the 3rd quarter. Bank of America Corp DE now owns 6,934,792 shares of the company's stock valued at $368,099,000 after acquiring an additional 1,578,860 shares in the last quarter. Raymond James Financial Inc. lifted its position in British American Tobacco by 85.1% in the 2nd quarter. Raymond James Financial Inc. now owns 2,757,559 shares of the company's stock valued at $130,515,000 after acquiring an additional 1,267,425 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in British American Tobacco during the 3rd quarter valued at about $47,852,000. Institutional investors and hedge funds own 16.16% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on BTI. BTIG Research started coverage on British American Tobacco in a research note on Tuesday, July 21st. They issued a "buy" rating for the company. Morgan Stanley reaffirmed an "overweight" rating on shares of British American Tobacco in a research report on Monday, June 8th. Weiss Ratings upgraded British American Tobacco from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. Wall Street Zen lowered British American Tobacco from a "buy" rating to a "hold" rating in a research report on Saturday, June 13th. Finally, Citigroup restated a "buy" rating on shares of British American Tobacco in a research note on Thursday, May 14th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $51.00.

British American Tobacco Trading Up 2.5%

Shares of NYSE:BTI opened at $62.34 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.57 and a current ratio of 0.87. The business has a fifty day moving average price of $61.41 and a two-hundred day moving average price of $60.13. British American Tobacco p.l.c. has a 1 year low of $49.88 and a 1 year high of $67.30.

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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