Cherokee Insurance Co Cuts Stake in Altria Group, Inc. $MO

Cherokee Insurance Co trimmed its stake in Altria Group, Inc. (NYSE:MO) by 20.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,139 shares of the company’s stock after selling 8,700 shares during the quarter. Cherokee Insurance Co’s holdings in Altria Group were worth $2,189,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of MO. Ameriprise Financial Inc. increased its holdings in shares of Altria Group by 62.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 16,395,070 shares of the company’s stock worth $954,446,000 after buying an additional 6,302,819 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Altria Group during the second quarter worth about $126,471,000. Vanguard Group Inc. raised its holdings in shares of Altria Group by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 159,717,148 shares of the company’s stock worth $9,364,216,000 after purchasing an additional 1,599,923 shares during the period. Marshall Wace LLP raised its holdings in shares of Altria Group by 1,094.0% in the 2nd quarter. Marshall Wace LLP now owns 1,158,437 shares of the company’s stock worth $67,919,000 after purchasing an additional 1,061,413 shares during the period. Finally, State Street Corp lifted its stake in shares of Altria Group by 1.2% in the 2nd quarter. State Street Corp now owns 72,367,263 shares of the company’s stock valued at $4,315,438,000 after purchasing an additional 886,583 shares in the last quarter. Hedge funds and other institutional investors own 57.41% of the company’s stock.

Altria Group Price Performance

NYSE:MO opened at $67.23 on Friday. The firm has a 50-day moving average of $60.42 and a two-hundred day moving average of $62.19. The stock has a market cap of $112.85 billion, a P/E ratio of 16.36, a PEG ratio of 3.71 and a beta of 0.47. Altria Group, Inc. has a 1-year low of $52.46 and a 1-year high of $68.60.

Altria Group (NYSE:MO) last released its quarterly earnings results on Thursday, January 29th. The company reported $1.30 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.02). The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $5.02 billion. Altria Group had a negative return on equity of 287.61% and a net margin of 29.84%.The company’s revenue was down .5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.30 EPS. As a group, equities analysts expect that Altria Group, Inc. will post 5.32 earnings per share for the current year.

Altria Group announced that its board has authorized a stock repurchase plan on Thursday, October 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 1.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Altria Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Friday, December 26th were given a $1.06 dividend. The ex-dividend date was Friday, December 26th. This represents a $4.24 annualized dividend and a dividend yield of 6.3%. Altria Group’s dividend payout ratio (DPR) is presently 103.16%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MO. UBS Group raised their price target on shares of Altria Group from $63.00 to $67.00 and gave the company a “buy” rating in a report on Monday, January 26th. Citigroup increased their price objective on shares of Altria Group from $57.00 to $65.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Stifel Nicolaus reduced their target price on shares of Altria Group from $72.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, January 30th. Finally, Argus upgraded Altria Group to a “hold” rating in a report on Tuesday, January 13th. Five analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Altria Group presently has an average rating of “Hold” and a consensus price target of $63.67.

About Altria Group

Altria Group, Inc (NYSE: MO) is a U.S.-based consumer goods company whose principal business is the manufacture and sale of tobacco products. Headquartered in Richmond, Virginia, the company’s operations are focused primarily on the U.S. market and include the production, marketing and distribution of cigarettes, smokeless tobacco and cigars. Its flagship cigarette franchise in the United States is sold through its operating subsidiaries and is among the most recognizable cigarette brands in the country.

Altria’s principal operating businesses include Philip Morris USA (cigarettes), U.S.