Westpac Banking Corp Sells 22,979 Shares of Altria Group, Inc. (NYSE:MO)

Key Points

• Westpac Banking Corp has reduced its stake in Altria Group by 55.6%, selling 22,979 shares and holding 18,386 shares valued at approximately $1,104,000.
• Altria's stock received varied analyst ratings, with UBS Group upgrading it from "sell" to "neutral" and increasing the price target to $59.00.
• Altria declared a quarterly dividend of $1.02, which reflects a 6.2% yield and a payout ratio of approximately 79%.

Westpac Banking Corp lowered its holdings in shares of Altria Group, Inc. (NYSE:MO - Free Report) by 55.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,386 shares of the company's stock after selling 22,979 shares during the period. Westpac Banking Corp's holdings in Altria Group were worth $1,104,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Vista Investment Partners II LLC grew its stake in Altria Group by 4.2% during the first quarter. Vista Investment Partners II LLC now owns 4,302 shares of the company's stock worth $258,000 after purchasing an additional 174 shares during the period. Wealth Alliance LLC grew its stake in Altria Group by 1.9% in the first quarter. Wealth Alliance LLC now owns 9,452 shares of the company's stock valued at $567,000 after acquiring an additional 174 shares during the period. Patten & Patten Inc. TN grew its stake in Altria Group by 1.5% in the first quarter. Patten & Patten Inc. TN now owns 12,049 shares of the company's stock valued at $723,000 after acquiring an additional 174 shares during the period. Baron Silver Stevens Financial Advisors LLC grew its stake in Altria Group by 2.7% in the first quarter. Baron Silver Stevens Financial Advisors LLC now owns 6,762 shares of the company's stock valued at $406,000 after acquiring an additional 175 shares during the period. Finally, Ironwood Investment Counsel LLC grew its stake in Altria Group by 4.1% in the first quarter. Ironwood Investment Counsel LLC now owns 4,721 shares of the company's stock valued at $283,000 after acquiring an additional 187 shares during the period. Institutional investors and hedge funds own 57.41% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Needham & Company LLC raised Altria Group to a "hold" rating in a research note on Thursday, May 22nd. 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 note on Thursday, July 31st. Wall Street Zen cut Altria Group from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Barclays raised their price objective on Altria Group from $49.00 to $57.00 and gave the company an "underweight" rating in a research note on Wednesday, August 6th. Finally, 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 note on Thursday, July 31st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $59.13.

Altria Group Trading Up 0.1%

Shares of NYSE:MO traded up $0.08 during mid-day trading on Thursday, hitting $65.58. 10,747,938 shares of the company traded hands, compared to its average volume of 8,581,546. The stock has a market cap of $110.16 billion, a P/E ratio of 12.68, a P/E/G ratio of 3.52 and a beta of 0.59. Altria Group, Inc. has a 12-month low of $48.86 and a 12-month high of $66.29. The stock has a 50-day moving average price of $60.18 and a two-hundred day moving average price of $58.17.

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

Altria Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Monday, June 16th were issued a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date was Monday, June 16th. Altria Group's dividend payout ratio (DPR) is 78.92%.

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.