Cedar Wealth Management LLC Decreases Stake in Altria Group, Inc. (NYSE:MO)

Cedar Wealth Management LLC decreased its position in shares of Altria Group, Inc. (NYSE:MO) by 8.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 131,259 shares of the company’s stock after selling 12,587 shares during the period. Altria Group comprises approximately 2.1% of Cedar Wealth Management LLC’s portfolio, making the stock its 9th largest holding. Cedar Wealth Management LLC’s holdings in Altria Group were worth $6,699,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MFA Wealth Advisors LLC bought a new stake in shares of Altria Group in the second quarter worth $27,000. Hobbs Group Advisors LLC acquired a new position in Altria Group during the 2nd quarter worth about $30,000. Valley Wealth Managers Inc. increased its stake in shares of Altria Group by 63.9% in the second quarter. Valley Wealth Managers Inc. now owns 667 shares of the company’s stock valued at $30,000 after buying an additional 260 shares during the period. Peterson Financial Group Inc. bought a new position in shares of Altria Group during the third quarter worth about $41,000. Finally, Fairman Group LLC lifted its stake in shares of Altria Group by 85.1% in the third quarter. Fairman Group LLC now owns 892 shares of the company’s stock worth $46,000 after acquiring an additional 410 shares during the period. Institutional investors own 57.41% of the company’s stock.

Altria Group Stock Performance

Shares of MO opened at $55.86 on Wednesday. Altria Group, Inc. has a 52-week low of $39.25 and a 52-week high of $56.55. The stock’s 50-day simple moving average is $51.67 and its 200 day simple moving average is $49.47. The stock has a market capitalization of $94.67 billion, a price-to-earnings ratio of 9.44, a price-to-earnings-growth ratio of 3.18 and a beta of 0.64.

Altria Group (NYSE:MO) last released its quarterly earnings results on Thursday, October 31st. The company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.03. Altria Group had a net margin of 42.82% and a negative return on equity of 233.80%. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.33 billion. During the same period in the previous year, the business earned $1.28 EPS. The business’s revenue for the quarter was up 18.6% on a year-over-year basis. On average, research analysts forecast that Altria Group, Inc. will post 5.11 earnings per share for the current fiscal year.

Altria Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 16th were given a dividend of $1.02 per share. This is an increase from Altria Group’s previous quarterly dividend of $0.98. The ex-dividend date was Monday, September 16th. This represents a $4.08 dividend on an annualized basis and a yield of 7.30%. Altria Group’s dividend payout ratio (DPR) is presently 68.92%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Barclays increased their target price on shares of Altria Group from $45.00 to $46.00 and gave the company an “underweight” rating in a research report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Altria Group from $52.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Stifel Nicolaus boosted their target price on shares of Altria Group from $54.00 to $60.00 and gave the company a “buy” rating in a report on Friday, November 1st. StockNews.com raised Altria Group from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Bank of America cut their target price on Altria Group from $57.00 to $53.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. 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 MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $51.33.

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.