Independent Advisor Alliance Increases Stake in Altria Group

Independent Advisor Alliance recently raised its stake in Altria Group, Inc. by 4.4% during the first quarter, according to its filing with the Securities and Exchange Commission (SEC). The firm now owns 124,320 shares of Altria Group, worth $5,547,000. Other institutional investors and hedge funds have also made adjustments to their positions in the company. Moneta Group Investment Advisors LLC now owns 18,590,308 shares of Altria Group, valued at $849,763,000. Charles Schwab Investment Management Inc. owns 44,066,327 shares, worth $2,000,861,000. FMR LLC owns 25,132,929 shares, valued at $1,121,431,000. First Trust Advisors LP has 7,209,557 shares, worth $329,550,000. And Morgan Stanley now owns 17,105,285 shares, valued at $781,883,000. Collectively, institutional investors own 58.94% of Altria Group’s stock.

Wall Street analysts have commented on Altria Group’s stock, with StockNews.com giving it a “buy” rating. Jefferies Financial Group has set a price objective of $55.00, reducing it from $56.00, and also recommends buying the stock. There is currently one sell rating, two hold ratings, and three buy ratings for Altria Group. The average rating is “Hold,” with a target price of $47.50.

Altria Group’s stock is currently trading at $44.13, with a 50-day moving average of $44.60 and a two-hundred day moving average of $45.31. The company has a market capitalization of $78.31 billion, a P/E ratio of 11.61, and a beta of 0.59. Altria Group recently reported earnings of $1.31 per share for the quarter, meeting analysts’ consensus estimates. The company’s revenue for the quarter was $5.44 billion. Altria Group has increased its quarterly dividend payment from $0.94 to $0.98 per share. The ex-dividend date is September 14th.

Altria Group, Inc. is a manufacturer and seller of smokeable and oral tobacco products in the United States. The company’s products include cigarettes, cigars, pipe tobacco, moist smokeless tobacco, and oral nicotine pouches.

Sources:
– SEC filing: Independent Advisor Alliance
– MarketBeat: Wall Street analysts’ ratings and target price
– Altria Group, Inc. earnings report
– MarketBeat editorial review