Altria Group (NYSE:MO) Sets New 52-Week High - Here's What Happened

Key Points

• Altria shares reached a 52-week high of $79.87, up from the previous close of $78.01.
• Quarterly results topped estimates: earnings were $1.52 per share versus $1.51 expected, and revenue was $5.44 billion versus $5.31 billion expected, up 1% year over year.
• Altria raised its quarterly dividend to $1.11 per share, or $4.44 annualized, representing a 5.7% yield. Analysts’ consensus rating was Hold, with a $71.67 average price target.

Shares of Altria Group, Inc. (NYSE:MO - Get Free Report) hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $79.87 and last traded at $79.5680, with a volume of 1,837,835 shares trading hands. The stock had previously closed at $78.01.

Analyst Upgrades and Downgrades

Several analysts recently commented on MO shares. Citigroup raised their price objective on Altria Group from $70.00 to $72.00 and gave the stock a "neutral" rating in a research note on Friday, October 30th. Barclays boosted their target price on shares of Altria Group from $58.00 to $60.00 and gave the company an "underweight" rating in a research report on Monday. Morgan Stanley boosted their price target on Altria Group from $71.00 to $77.00 and gave the company an "equal weight" rating in a research note on Friday, October 30th. Freedom Broker upgraded Altria Group to a "hold" rating in a report on Wednesday, September 16th. Finally, BTIG Research assumed coverage on Altria Group in a research note on Tuesday, July 21st. They issued a "neutral" rating for the company. Five research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $71.67.

Altria Group Stock Performance

The company's 50-day moving average price is $71.04 and its 200 day moving average price is $68.99. The stock has a market capitalization of $129.67 billion, a PE ratio of 16.10, a PEG ratio of 2.61 and a beta of 0.43.

Altria Group (NYSE:MO - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.01. Altria Group had a negative return on equity of 330.66% and a net margin of 34.51%. The firm had revenue of $5.44 billion for the quarter, compared to analysts' expectations of $5.31 billion. During the same period in the prior year, the firm earned $1.45 EPS. The company's revenue was up 1.0% compared to the same quarter last year. Analysts expect that Altria Group, Inc. will post 5.70 earnings per share for the current year.

Altria Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Tuesday, September 15th were paid a dividend of $1.11 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $4.44 annualized dividend and a yield of 5.7%. This is a boost from Altria Group's previous quarterly dividend of $1.06. Altria Group's dividend payout ratio is currently 91.74%.

Insider Activity

In other news, Director Kathryn McQuade purchased 1,500 shares of the company's stock in a transaction dated Wednesday, September 9th. The stock was acquired at an average price of $67.62 per share, with a total value of $101,430.00. Following the purchase, the director directly owned 114,929 shares in the company, valued at approximately $7,771,498.98. This represents a 1.32% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Altria Group

Institutional investors have recently modified their holdings of the company. Cortland Associates Inc. MO lifted its position in shares of Altria Group by 1.2% during the third quarter. Cortland Associates Inc. MO now owns 11,079 shares of the company's stock valued at $746,000 after buying an additional 131 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in Altria Group by 5.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 2,619 shares of the company's stock worth $191,000 after acquiring an additional 143 shares during the period. Riverbend Wealth Management LLC boosted its position in Altria Group by 1.8% in the third quarter. Riverbend Wealth Management LLC now owns 8,194 shares of the company's stock valued at $552,000 after buying an additional 143 shares during the last quarter. Angeles Wealth Management LLC raised its position in Altria Group by 1.3% during the 2nd quarter. Angeles Wealth Management LLC now owns 11,239 shares of the company's stock worth $821,000 after buying an additional 146 shares during the last quarter. Finally, Griffith & Werner Inc. raised its position in Altria Group by 3.0% during the 3rd quarter. Griffith & Werner Inc. now owns 5,085 shares of the company's stock worth $342,000 after buying an additional 146 shares during the last quarter. 57.41% of the stock is owned by hedge funds and other institutional investors.

About Altria Group

Altria Group, Inc is a U.S.-based consumer products company focused primarily on tobacco, nicotine and related products. Through its operating companies, Altria sells cigarettes, cigars, pipe tobacco, oral tobacco and nicotine products, and electronic vapor products.

Altria's principal cigarette business is Philip Morris USA, whose portfolio includes Marlboro, Parliament and Virginia Slims. Its other major brands include Copenhagen and Skoal moist smokeless tobacco, Black & Mild cigars, on! nicotine pouches and NJOY electronic cigarettes.

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