Empire Life Investments Inc. Sells 65,559 Shares of Altria Group, Inc. (NYSE:MO)

Empire Life Investments Inc. trimmed its position in Altria Group, Inc. (NYSE:MO) by 15.1% in the fourth quarter, Holdings Channel reports. The fund owned 369,720 shares of the company’s stock after selling 65,559 shares during the quarter. Empire Life Investments Inc.’s holdings in Altria Group were worth $19,333,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Constant Guidance Financial LLC acquired a new stake in Altria Group in the fourth quarter valued at $612,000. WASHINGTON TRUST Co increased its holdings in Altria Group by 4.6% in the fourth quarter. WASHINGTON TRUST Co now owns 9,634 shares of the company’s stock valued at $504,000 after purchasing an additional 428 shares during the period. Sage Advisors LLC acquired a new stake in Altria Group in the fourth quarter valued at $2,573,000. Asset Planning Inc acquired a new stake in Altria Group in the fourth quarter valued at $2,655,000. Finally, V Square Quantitative Management LLC increased its holdings in Altria Group by 5.4% in the fourth quarter. V Square Quantitative Management LLC now owns 17,339 shares of the company’s stock valued at $907,000 after purchasing an additional 888 shares during the period. 57.41% of the stock is currently owned by institutional investors.

Altria Group Price Performance

MO opened at $53.37 on Friday. The company has a fifty day moving average price of $52.83 and a 200-day moving average price of $52.55. The firm has a market capitalization of $90.44 billion, a P/E ratio of 8.15, a price-to-earnings-growth ratio of 2.80 and a beta of 0.64. Altria Group, Inc. has a one year low of $39.25 and a one year high of $58.03.

Altria Group (NYSE:MO) last posted its quarterly earnings data on Thursday, January 30th. The company reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.01. Altria Group had a net margin of 46.90% and a negative return on equity of 258.72%. On average, analysts expect 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 was paid on Friday, January 10th. Shareholders of record on Thursday, December 26th were paid a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 7.65%. The ex-dividend date of this dividend was Thursday, December 26th. Altria Group’s dividend payout ratio is presently 62.29%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. StockNews.com upgraded Altria Group from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Bank of America upgraded Altria Group from a “neutral” rating to a “buy” rating and raised their target price for the company from $55.00 to $65.00 in a research note on Friday, December 6th. Barclays raised their target price on Altria Group from $45.00 to $46.00 and gave the company an “underweight” rating in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft raised their target price on Altria Group from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Stifel Nicolaus raised their target price on Altria Group from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, November 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Altria Group currently has an average rating of “Hold” and an average price target of $53.29.

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.