Eastern Bank bought a new stake in Altria Group, Inc. (NYSE:MO – Free Report) during the 3rd quarter, HoldingsChannel reports. The institutional investor bought 16,225 shares of the company’s stock, valued at approximately $828,000.
A number of other institutional investors also recently added to or reduced their stakes in MO. Riverview Trust Co purchased a new stake in shares of Altria Group during the 1st quarter worth $36,000. Brookstone Capital Management lifted its holdings in Altria Group by 9.3% during the 1st quarter. Brookstone Capital Management now owns 103,268 shares of the company’s stock worth $4,505,000 after buying an additional 8,777 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of Altria Group during the 1st quarter worth about $166,000. DGS Capital Management LLC purchased a new position in shares of Altria Group in the 1st quarter valued at about $265,000. Finally, Wealthcare Advisory Partners LLC raised its position in shares of Altria Group by 72.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 39,723 shares of the company’s stock worth $1,733,000 after acquiring an additional 16,662 shares in the last quarter. Hedge funds and other institutional investors own 57.41% of the company’s stock.
Altria Group Price Performance
Shares of NYSE:MO opened at $49.80 on Thursday. The stock has a market cap of $85.54 billion, a P/E ratio of 10.42, a P/E/G ratio of 2.90 and a beta of 0.65. Altria Group, Inc. has a 1-year low of $39.06 and a 1-year high of $54.95. The firm has a fifty day moving average price of $51.46 and a 200 day moving average price of $47.95.
Altria Group Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Monday, September 16th were issued a dividend of $1.02 per share. The ex-dividend date of this dividend was Monday, September 16th. This is an increase from Altria Group’s previous quarterly dividend of $0.98. This represents a $4.08 annualized dividend and a dividend yield of 8.19%. Altria Group’s dividend payout ratio (DPR) is currently 85.36%.
Analysts Set New Price Targets
MO has been the subject of a number of research analyst reports. Citigroup upped their price target on Altria Group from $44.50 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, October 8th. Stifel Nicolaus upped their target price on shares of Altria Group from $50.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Bank of America cut their price target on shares of Altria Group from $57.00 to $53.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Barclays upped their price objective on shares of Altria Group from $43.00 to $45.00 and gave the company an “underweight” rating in a research note on Monday, September 9th. Finally, StockNews.com cut Altria Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $48.20.
Read Our Latest Analysis on Altria Group
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.
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