Cornercap Investment Counsel Inc. Trims Holdings in Altria Group, Inc. (NYSE:MO)

Cornercap Investment Counsel Inc. decreased its holdings in Altria Group, Inc. (NYSE:MO) by 4.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,044 shares of the company’s stock after selling 2,594 shares during the quarter. Altria Group comprises 0.5% of Cornercap Investment Counsel Inc.’s investment portfolio, making the stock its 25th largest holding. Cornercap Investment Counsel Inc.’s holdings in Altria Group were worth $2,872,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. SP Asset Management LLC raised its stake in shares of Altria Group by 2.5% during the second quarter. SP Asset Management LLC now owns 8,211 shares of the company’s stock valued at $374,000 after purchasing an additional 204 shares during the period. Certuity LLC grew its position in shares of Altria Group by 1.6% during the second quarter. Certuity LLC now owns 13,664 shares of the company’s stock worth $622,000 after buying an additional 213 shares in the last quarter. Catalyst Financial Partners LLC grew its position in shares of Altria Group by 2.0% during the second quarter. Catalyst Financial Partners LLC now owns 11,269 shares of the company’s stock worth $513,000 after buying an additional 217 shares in the last quarter. Conning Inc. grew its position in shares of Altria Group by 2.3% during the second quarter. Conning Inc. now owns 9,794 shares of the company’s stock worth $446,000 after buying an additional 219 shares in the last quarter. Finally, Patten & Patten Inc. TN grew its position in shares of Altria Group by 1.6% during the first quarter. Patten & Patten Inc. TN now owns 14,293 shares of the company’s stock worth $623,000 after buying an additional 224 shares in the last quarter. Hedge funds and other institutional investors own 57.41% of the company’s stock.

Altria Group Stock Performance

Shares of MO opened at $53.15 on Thursday. Altria Group, Inc. has a 1 year low of $39.06 and a 1 year high of $54.95. The company has a market cap of $91.29 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 3.10 and a beta of 0.65. The firm has a fifty day moving average of $50.62 and a 200-day moving average of $46.29.

Altria Group (NYSE:MO) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the prior year, the firm earned $1.31 earnings per share. Altria Group’s revenue for the quarter was up 14.2% compared to the same quarter last year. Analysts predict that Altria Group, Inc. will post 5.1 EPS for the current year.

Altria Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Monday, September 16th will be paid a dividend of $1.02 per share. This is a boost from Altria Group’s previous quarterly dividend of $0.98. This represents a $4.08 dividend on an annualized basis and a dividend yield of 7.68%. The ex-dividend date of this dividend is Monday, September 16th. Altria Group’s payout ratio is currently 85.36%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MO. Bank of America raised their price target on shares of Altria Group from $52.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Argus raised shares of Altria Group to a “hold” rating in a research report on Friday, May 31st. StockNews.com raised shares of Altria Group from a “hold” rating to a “buy” rating in a report on Friday, June 28th. UBS Group lifted their price objective on shares of Altria Group from $39.00 to $41.00 and gave the stock a “sell” rating in a report on Monday. Finally, Barclays lifted their price objective on shares of Altria Group from $43.00 to $45.00 and gave the stock an “underweight” rating in a report on Monday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Altria Group currently has an average rating of “Hold” and a consensus price target of $49.67.

Altria Group Profile

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.