Independence Bank of Kentucky Reduces Holdings in Altria Group, Inc. $MO

Independence Bank of Kentucky reduced its stake in shares of Altria Group, Inc. (NYSE:MO) by 39.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 32,318 shares of the company’s stock after selling 20,767 shares during the quarter. Independence Bank of Kentucky’s holdings in Altria Group were worth $2,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MO. Vanguard Group Inc. lifted its position in Altria Group by 1.0% during the second quarter. Vanguard Group Inc. now owns 159,717,148 shares of the company’s stock valued at $9,364,216,000 after purchasing an additional 1,599,923 shares during the period. TigerOak Management L.L.C. grew its holdings in Altria Group by 43.0% during the second quarter. TigerOak Management L.L.C. now owns 13,005 shares of the company’s stock worth $762,000 after acquiring an additional 3,908 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Altria Group during the second quarter valued at approximately $126,471,000. Fisher Asset Management LLC lifted its stake in shares of Altria Group by 31.5% in the 2nd quarter. Fisher Asset Management LLC now owns 97,389 shares of the company’s stock valued at $5,710,000 after purchasing an additional 23,331 shares during the period. Finally, Vise Technologies Inc. acquired a new position in shares of Altria Group in the second quarter worth about $5,388,000. 57.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Bank of America increased their price target on Altria Group from $64.00 to $72.00 and gave the stock a “buy” rating in a research report on Friday, August 22nd. The Goldman Sachs Group upped their target price on Altria Group from $65.00 to $72.00 and gave the stock a “buy” rating in a research note on Wednesday, October 1st. UBS Group decreased their target price on Altria Group from $68.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, October 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Altria Group in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $62.33.

Altria Group Price Performance

Shares of Altria Group stock opened at $58.17 on Friday. The stock has a market capitalization of $97.65 billion, a P/E ratio of 11.10, a PEG ratio of 3.31 and a beta of 0.48. The business has a 50 day simple moving average of $59.77 and a two-hundred day simple moving average of $61.70. Altria Group, Inc. has a 12 month low of $50.08 and a 12 month high of $68.60.

Altria Group (NYSE:MO) last issued its quarterly earnings results on Thursday, October 30th. The company reported $1.45 EPS for the quarter, topping the consensus estimate of $1.44 by $0.01. Altria Group had a negative return on equity of 319.43% and a net margin of 37.89%.The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.31 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. Altria Group has set its FY 2025 guidance at 5.370-5.45 EPS. As a group, research analysts anticipate that Altria Group, Inc. will post 5.32 EPS for the current fiscal year.

Altria Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 9th. Shareholders of record on Friday, December 26th will be paid a dividend of $1.06 per share. The ex-dividend date of this dividend is Friday, December 26th. This represents a $4.24 dividend on an annualized basis and a yield of 7.3%. Altria Group’s payout ratio is 80.92%.

Altria Group announced that its Board of Directors has initiated a share buyback program on Thursday, October 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to reacquire up to 1.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

About Altria Group

Altria Group, Inc (NYSE: MO) is a U.S.-based consumer goods company whose principal business is the manufacture and sale of tobacco products. Headquartered in Richmond, Virginia, the company’s operations are focused primarily on the U.S. market and include the production, marketing and distribution of cigarettes, smokeless tobacco and cigars. Its flagship cigarette franchise in the United States is sold through its operating subsidiaries and is among the most recognizable cigarette brands in the country.

Altria’s principal operating businesses include Philip Morris USA (cigarettes), U.S.