Cornerstone Wealth Management LLC Has $2.42 Million Holdings in Altria Group, Inc. (NYSE:MO)

Cornerstone Wealth Management LLC boosted its holdings in Altria Group, Inc. (NYSE:MO) by 4.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 47,412 shares of the company’s stock after acquiring an additional 1,846 shares during the period. Cornerstone Wealth Management LLC’s holdings in Altria Group were worth $2,420,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the business. Delta Investment Management LLC grew its holdings in shares of Altria Group by 2.9% during the 2nd quarter. Delta Investment Management LLC now owns 7,064 shares of the company’s stock worth $322,000 after purchasing an additional 198 shares in the last quarter. Scarborough Advisors LLC increased its holdings in Altria Group by 18.5% in the 2nd quarter. Scarborough Advisors LLC now owns 1,283 shares of the company’s stock valued at $58,000 after buying an additional 200 shares during the period. Zhang Financial LLC increased its holdings in Altria Group by 1.1% in the 3rd quarter. Zhang Financial LLC now owns 18,454 shares of the company’s stock valued at $942,000 after buying an additional 202 shares during the period. Hollencrest Capital Management raised its position in shares of Altria Group by 0.3% in the 2nd quarter. Hollencrest Capital Management now owns 76,595 shares of the company’s stock valued at $3,489,000 after buying an additional 203 shares in the last quarter. Finally, SP Asset Management LLC lifted its holdings in shares of Altria Group by 2.5% during the 2nd quarter. SP Asset Management LLC now owns 8,211 shares of the company’s stock worth $374,000 after acquiring an additional 204 shares during the period. Institutional investors own 57.41% of the company’s stock.

Wall Street Analyst Weigh In

MO has been the subject of several recent analyst reports. Bank of America cut their target price on Altria Group from $57.00 to $53.00 and set a “neutral” rating for the company in a research note on Tuesday. UBS Group upped their price objective on Altria Group from $39.00 to $41.00 and gave the stock a “sell” rating in a research report on Monday, September 9th. Barclays lifted their target price on Altria Group from $43.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, September 9th. Citigroup increased their target price on shares of Altria Group from $44.50 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, October 8th. Finally, StockNews.com lowered shares of Altria Group from a “buy” rating to a “hold” rating in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $48.20.

Altria Group Price Performance

NYSE:MO opened at $50.15 on Thursday. Altria Group, Inc. has a one year low of $39.06 and a one year high of $54.95. The company has a market cap of $86.14 billion, a PE ratio of 10.49, a P/E/G ratio of 2.90 and a beta of 0.65. The firm’s 50 day simple moving average is $51.57 and its 200 day simple moving average is $47.70.

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

Altria Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 16th were issued a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 8.14%. This is a boost from Altria Group’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend was Monday, September 16th. Altria Group’s dividend payout ratio is presently 85.36%.

Altria Group Company 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.