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

Summit Financial LLC lifted its position in shares of Altria Group, Inc. (NYSE:MO) by 23.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,493 shares of the company’s stock after acquiring 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 filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Financial Life Planners bought a new position in Altria Group in the fourth quarter valued at about $25,000. True Wealth Design LLC grew its holdings in shares of Altria Group by 420.0% during the 3rd quarter. True Wealth Design LLC now owns 572 shares of the company’s stock valued at $29,000 after purchasing an additional 462 shares during the last quarter. VSM Wealth Advisory LLC acquired a new position in Altria Group during the 4th quarter worth approximately $29,000. Marshall Investment Management LLC bought a new position in Altria Group in the 4th quarter valued at approximately $32,000. Finally, Promus Capital LLC acquired a new stake in Altria Group in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 57.41% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Altria Group Stock Performance

NYSE:MO opened at $58.96 on Wednesday. Altria Group, Inc. has a fifty-two week low of $40.65 and a fifty-two week high of $60.18. The company has a 50 day simple moving average of $55.38 and a two-hundred day simple moving average of $53.69. The company has a market capitalization of $99.68 billion, a PE ratio of 9.00, a P/E/G ratio of 2.89 and a beta of 0.56.

Altria Group (NYSE:MO) last posted 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 net margin of 46.90% and a negative return on equity of 258.72%. Research analysts predict that Altria Group, Inc. will post 5.32 EPS for the current year.

Altria Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, March 25th will be paid a $1.02 dividend. 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 dividend payout ratio is 62.29%.

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.