Altria Group (NYSE:MO) Sets New 52-Week High on Analyst Upgrade

Altria Group, Inc. (NYSE:MO) shares hit a new 52-week high during mid-day trading on Wednesday after Barclays raised their price target on the stock from $49.00 to $57.00. Barclays currently has an underweight rating on the stock. Altria Group traded as high as $62.98 and last traded at $63.20, with a volume of 644291 shares changing hands. The stock had previously closed at $62.52.

Several other research analysts have also recently issued reports on the company. Stifel Nicolaus upped their price target on Altria Group from $63.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Citigroup boosted their target price on Altria Group from $52.00 to $55.00 and gave the stock a “neutral” rating in a research report on Friday, April 25th. Morgan Stanley lifted their price target on Altria Group from $57.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 31st. UBS Group upgraded shares of Altria Group from a “sell” rating to a “neutral” rating and raised their target price for the stock from $47.00 to $59.00 in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group initiated coverage on shares of Altria Group in a report on Wednesday, July 9th. They set an “underperform” rating and a $50.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $59.13.

Hedge Funds Weigh In On Altria Group

Several large investors have recently bought and sold shares of the stock. Brighton Jones LLC lifted its position in 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 during the period. Wellington Management Group LLP lifted its holdings in shares of Altria Group by 15.9% during the 4th quarter. Wellington Management Group LLP now owns 263,131 shares of the company’s stock worth $13,759,000 after acquiring an additional 36,167 shares during the period. Bank of Nova Scotia boosted its position in shares of Altria Group by 2.1% during the 4th quarter. Bank of Nova Scotia now owns 708,749 shares of the company’s stock valued at $37,060,000 after acquiring an additional 14,774 shares in the last quarter. Advisory Services Network LLC boosted its position in shares of Altria Group by 7.4% during the 4th quarter. Advisory Services Network LLC now owns 174,410 shares of the company’s stock valued at $9,120,000 after acquiring an additional 12,022 shares in the last quarter. Finally, Azimuth Capital Investment Management LLC raised its position in Altria Group by 12.1% in the fourth quarter. Azimuth Capital Investment Management LLC now owns 9,250 shares of the company’s stock worth $484,000 after purchasing an additional 1,000 shares in the last quarter. 57.41% of the stock is currently owned by institutional investors and hedge funds.

Altria Group Price Performance

The business’s 50 day simple moving average is $59.56 and its 200 day simple moving average is $57.62. The stock has a market cap of $106.05 billion, a P/E ratio of 12.21, a PEG ratio of 3.36 and a beta of 0.59.

Altria Group (NYSE:MO) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.07. Altria Group had a negative return on equity of 295.26% and a net margin of 37.24%. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.21 billion. During the same period last year, the business earned $1.31 earnings per share. The business’s revenue was up .2% on a year-over-year basis. Research analysts predict that Altria Group, Inc. will post 5.32 earnings per share for the current year.

Altria Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Stockholders of record on Monday, June 16th were issued a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a dividend yield of 6.5%. The ex-dividend date was Monday, June 16th. Altria Group’s dividend payout ratio is presently 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.