Foundations Investment Advisors LLC has significantly increased its investment in Altria Group, Inc. (NYSE: MO), boosting its holdings by 28.5% during the second quarter of the fiscal year. According to a recent disclosure filed with the Securities and Exchange Commission (SEC), the firm acquired an additional 69,526 shares, bringing its total to 313,541 shares. As of the end of the quarter, these holdings were valued at approximately $18.38 million.
Several other institutional investors have also adjusted their positions in Altria Group. The VIRGINIA RETIREMENT SYSTEMS ET Al entered a new stake valued at about $126.47 million in the same quarter. Additionally, Central Valley Advisors LLC invested $1.72 million, while Invst LLC grew its stake by 252%, now holding 16,188 shares worth $972,000. Other notable investors include Vise Technologies Inc. and Mayflower Financial Advisors LLC, which also increased their holdings.
Analyst Ratings and Stock Performance
Altria Group’s stock performance has garnered attention from several research firms. On October 8, 2023, Weiss Ratings reaffirmed a “buy” rating for the shares. Following this, Bank of America raised its price target from $64.00 to $72.00, maintaining a “buy” rating. Similarly, The Goldman Sachs Group adjusted its price target to $72.00 on October 1, 2023.
Currently, analysts have assigned Altria a consensus rating of “Hold,” with an average target price of $62.33. The stock has seen fluctuations, reaching a 52-week low of $50.08 and a high of $68.60. As of the last trading session, shares opened at $58.15.
Financial Results and Dividends
Altria Group recently reported its quarterly earnings on October 30, 2023. The company announced earnings per share (EPS) of $1.45, surpassing analysts’ expectations of $1.44. Revenue for the quarter totaled $5.25 billion, though it fell short of the anticipated $5.31 billion. The company noted a 3.0% decline in revenue compared to the previous year.
In a positive development for investors, Altria announced a quarterly dividend of $1.06, an increase from the previous dividend of $1.02. This dividend, paid on October 10, 2023, offers an annualized yield of 7.3%. The company’s current dividend payout ratio stands at 80.92%.
To further enhance shareholder value, Altria Group’s board approved a share buyback plan, allowing for up to $2.00 billion in shares to be repurchased from the market. This plan indicates management’s belief that the stock is undervalued.
Altria Group, headquartered in the United States, is a prominent player in the tobacco industry, offering a range of products including cigarettes, large cigars, and smokeless tobacco. The company aims to continue adapting to market trends while delivering value to its shareholders.
