Cadence Capital Management LLC Reduces Holdings in Altria Group Inc (NYSE:MO)

Cadence Capital Management LLC lowered its position in shares of Altria Group Inc (NYSE:MO) by 18.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 59,991 shares of the company’s stock after selling 13,427 shares during the quarter. Cadence Capital Management LLC’s holdings in Altria Group were worth $2,841,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Waters Parkerson & CO. LLC increased its stake in shares of Altria Group by 0.3% in the 2nd quarter. Waters Parkerson & CO. LLC now owns 73,348 shares of the company’s stock valued at $3,473,000 after purchasing an additional 225 shares in the last quarter. Busey Wealth Management increased its stake in shares of Altria Group by 1.5% in the 2nd quarter. Busey Wealth Management now owns 15,478 shares of the company’s stock valued at $732,000 after purchasing an additional 234 shares in the last quarter. Brand Asset Management Group Inc. increased its stake in shares of Altria Group by 24.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 1,186 shares of the company’s stock valued at $68,000 after purchasing an additional 236 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its stake in shares of Altria Group by 0.6% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 37,591 shares of the company’s stock valued at $1,780,000 after purchasing an additional 240 shares in the last quarter. Finally, Trust Co. of Toledo NA OH increased its stake in shares of Altria Group by 5.4% in the 2nd quarter. Trust Co. of Toledo NA OH now owns 4,719 shares of the company’s stock valued at $223,000 after purchasing an additional 240 shares in the last quarter. 63.41% of the stock is owned by institutional investors.

NYSE:MO traded down $1.63 during trading hours on Friday, hitting $42.83. 113,112 shares of the stock were exchanged, compared to its average volume of 11,886,700. The company has a current ratio of 0.56, a quick ratio of 0.28 and a debt-to-equity ratio of 1.87. The firm’s fifty day moving average price is $46.28 and its 200 day moving average price is $50.96. The company has a market cap of $83.06 billion, a P/E ratio of 10.71, a P/E/G ratio of 1.39 and a beta of 0.38. Altria Group Inc has a 52-week low of $42.40 and a 52-week high of $66.04.

Altria Group (NYSE:MO) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.10 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.10. The business had revenue of $5.19 billion during the quarter, compared to analyst estimates of $5.08 billion. Altria Group had a return on equity of 51.53% and a net margin of 25.04%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. Equities analysts expect that Altria Group Inc will post 4.17 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Monday, September 16th will be given a $0.84 dividend. The ex-dividend date is Friday, September 13th. This is a positive change from Altria Group’s previous quarterly dividend of $0.80. This represents a $3.36 dividend on an annualized basis and a dividend yield of 7.84%. Altria Group’s dividend payout ratio is 80.20%.

Altria Group announced that its board has initiated a share repurchase plan on Tuesday, July 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to purchase up to 1.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

MO has been the subject of several recent analyst reports. TheStreet lowered Altria Group from a “b-” rating to a “c+” rating in a research note on Wednesday, August 14th. Piper Jaffray Companies lowered Altria Group from an “overweight” rating to a “neutral” rating and cut their price target for the company from $64.00 to $49.00 in a research note on Monday. Royal Bank of Canada set a $68.00 price objective on Altria Group and gave the stock a “buy” rating in a research note on Wednesday, July 31st. ValuEngine lowered Altria Group from a “sell” rating to a “strong sell” rating in a research note on Tuesday. Finally, Wells Fargo & Co reiterated a “buy” rating on shares of Altria Group in a research note on Monday, August 26th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Altria Group currently has a consensus rating of “Hold” and a consensus price target of $58.57.

Altria Group Company Profile

Altria Group, Inc, through its subsidiaries, manufactures and sells cigarettes, smokeless products, and wine in the United States. It offers cigarettes primarily under the Marlboro brand; cigars principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, and Husky brands.

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Institutional Ownership by Quarter for Altria Group (NYSE:MO)

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