Edgestream Partners L.P. Cuts Stock Holdings in Altria Group, Inc. (NYSE:MO)

Edgestream Partners L.P. trimmed its position in shares of Altria Group, Inc. (NYSE:MO) by 84.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 7,211 shares of the company’s stock after selling 39,111 shares during the period. Edgestream Partners L.P.’s holdings in Altria Group were worth $328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Maryland Capital Advisors Inc. increased its holdings in Altria Group by 154.4% in the 1st quarter. Maryland Capital Advisors Inc. now owns 575 shares of the company’s stock worth $25,000 after acquiring an additional 349 shares in the last quarter. BNP Paribas purchased a new stake in Altria Group in the 1st quarter worth $27,000. MFA Wealth Advisors LLC purchased a new stake in Altria Group in the 2nd quarter worth $27,000. Pineridge Advisors LLC acquired a new stake in Altria Group during the 4th quarter worth $28,000. Finally, Westend Capital Management LLC acquired a new stake in Altria Group during the 1st quarter worth $29,000. 57.41% of the stock is owned by hedge funds and other institutional investors.

Altria Group Trading Up 1.3 %

Shares of MO stock opened at $51.02 on Tuesday. The company’s 50-day moving average price is $51.33 and its 200-day moving average price is $46.92. The stock has a market cap of $87.63 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 3.07 and a beta of 0.65. Altria Group, Inc. has a twelve month low of $39.06 and a twelve month high of $54.95.

Altria Group (NYSE:MO) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.04). Altria Group had a net margin of 42.25% and a negative return on equity of 232.55%. The firm had revenue of $6.21 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same period in the previous year, the firm posted $1.31 EPS. The company’s revenue was up 14.2% compared to the same quarter last year. As a group, equities research analysts predict that Altria Group, Inc. will post 5.11 EPS for the current year.

Altria Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Monday, September 16th will be given a $1.02 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $4.08 dividend on an annualized basis and a yield of 8.00%. This is a boost from Altria Group’s previous quarterly dividend of $0.98. Altria Group’s dividend payout ratio is presently 85.36%.

Wall Street Analysts Forecast Growth

MO has been the topic of several recent research reports. Stifel Nicolaus lifted their target price on shares of Altria Group from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. StockNews.com raised shares of Altria Group from a “hold” rating to a “buy” rating in a research note on Friday, June 28th. Bank of America lifted their target price on shares of Altria Group from $52.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Argus raised shares of Altria Group to a “hold” rating in a research note on Friday, May 31st. Finally, Barclays lifted their target price on shares of Altria Group from $43.00 to $45.00 and gave the stock an “underweight” rating in a research note on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $49.67.

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.