Axxcess Wealth Management LLC Has $2.87 Million Stock Position in Altria Group, Inc. (NYSE:MO)

Axxcess Wealth Management LLC lifted its position in shares of Altria Group, Inc. (NYSE:MO) by 2.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 63,010 shares of the company’s stock after purchasing an additional 1,559 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Altria Group were worth $2,870,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Maryland Capital Advisors Inc. lifted its position in Altria Group by 154.4% in the first quarter. Maryland Capital Advisors Inc. now owns 575 shares of the company’s stock worth $25,000 after purchasing an additional 349 shares during the period. BNP Paribas acquired a new position in shares of Altria Group in the 1st quarter valued at $27,000. MFA Wealth Advisors LLC bought a new position in shares of Altria Group during the 2nd quarter worth about $27,000. Pineridge Advisors LLC acquired a new stake in shares of Altria Group during the 4th quarter valued at about $28,000. Finally, Westend Capital Management LLC bought a new stake in Altria Group in the first quarter valued at about $29,000. 57.41% of the stock is currently owned by institutional investors.

Altria Group Stock Down 2.3 %

Shares of NYSE:MO opened at $50.50 on Wednesday. The firm has a market cap of $86.74 billion, a P/E ratio of 10.56, a P/E/G ratio of 3.07 and a beta of 0.65. Altria Group, Inc. has a 12 month low of $39.06 and a 12 month high of $54.95. The company’s 50-day moving average price is $51.08 and its two-hundred day moving average price is $46.64.

Altria Group (NYSE:MO) last released its quarterly earnings results on Wednesday, July 31st. The company reported $1.31 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.04). Altria Group had a net margin of 42.25% and a negative return on equity of 232.55%. The company had revenue of $6.21 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period last year, the company earned $1.31 earnings per share. Altria Group’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, equities analysts predict 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 will be paid on Thursday, October 10th. Stockholders of record on Monday, September 16th will be paid a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a dividend yield of 8.08%. The ex-dividend date is Monday, September 16th. This is a positive change from Altria Group’s previous quarterly dividend of $0.98. Altria Group’s dividend payout ratio is 85.36%.

Wall Street Analysts Forecast Growth

MO has been the topic of a number of recent research reports. Argus raised Altria Group to a “hold” rating in a report on Friday, May 31st. StockNews.com raised Altria Group from a “hold” rating to a “buy” rating in a research note on Friday, June 28th. Barclays upped their price target on Altria Group from $43.00 to $45.00 and gave the company an “underweight” rating in a research report on Monday, September 9th. Bank of America lifted their price objective on Altria Group from $52.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Finally, Stifel Nicolaus upped their target price on shares of Altria Group from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.67.

Altria Group 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.