Summit Financial LLC Has $2 Million Position in Altria Group, Inc. (NYSE:MO)

Summit Financial LLC raised its holdings in shares of Altria Group, Inc. (NYSE:MO) by 23.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 37,493 shares of the company’s stock after buying an additional 7,229 shares during the period. Summit Financial LLC’s holdings in Altria Group were worth $1,999,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Financial Life Planners purchased a new position in shares of Altria Group during the fourth quarter valued at approximately $25,000. VSM Wealth Advisory LLC purchased a new position in Altria Group during the 4th quarter worth $29,000. True Wealth Design LLC grew its stake in shares of Altria Group by 420.0% in the 3rd quarter. True Wealth Design LLC now owns 572 shares of the company’s stock worth $29,000 after acquiring an additional 462 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Altria Group in the 3rd quarter worth $34,000. Finally, Marshall Investment Management LLC purchased a new stake in shares of Altria Group in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 57.41% of the company’s stock.

Altria Group Price Performance

NYSE:MO opened at $58.96 on Wednesday. The company has a market capitalization of $99.68 billion, a P/E ratio of 9.00, a P/E/G ratio of 2.89 and a beta of 0.56. The business has a fifty day simple moving average of $55.38 and a two-hundred day simple moving average of $53.69. Altria Group, Inc. has a 1 year low of $40.65 and a 1 year high of $60.18.

Altria Group (NYSE:MO) last announced its quarterly earnings data on Thursday, January 30th. The company reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.01. Altria Group had a negative return on equity of 258.72% and a net margin of 46.90%. As a group, analysts anticipate that Altria Group, Inc. will post 5.32 earnings per share for the current year.

Altria Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, March 25th will be paid a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 6.92%. The ex-dividend date is Tuesday, March 25th. Altria Group’s payout ratio is currently 62.29%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MO. UBS Group boosted their price target on shares of Altria Group from $42.00 to $46.00 and gave the stock a “sell” rating in a report on Tuesday. Morgan Stanley cut their target price on Altria Group from $54.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Deutsche Bank Aktiengesellschaft downgraded Altria Group from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Bank of America upgraded Altria Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $55.00 to $65.00 in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.00.

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.