Altria Group (NYSE:MO) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

by · The Cerbat Gem

Altria Group (NYSE:MO – Get Free Report) released its earnings results on Thursday. The company reported $1.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.02, Briefing.com reports. Altria Group had a negative return on equity of 232.55% and a net margin of 42.25%. The firm had revenue of $6.26 billion for the quarter, compared to analyst estimates of $5.33 billion. During the same period in the previous year, the company earned $1.28 earnings per share. Altria Group’s revenue was up 18.6% compared to the same quarter last year. Altria Group updated its FY24 guidance to $5.07-5.15 EPS and its FY 2024 guidance to 5.070-5.150 EPS.

Altria Group Stock Performance

Shares of NYSE:MO traded down $0.59 on Friday, hitting $53.87. 10,985,628 shares of the company were exchanged, compared to its average volume of 9,907,085. The company’s 50 day moving average price is $51.39 and its two-hundred day moving average price is $48.29. The firm has a market capitalization of $91.91 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 2.92 and a beta of 0.65. Altria Group has a one year low of $39.25 and a one year high of $54.95.

Altria Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Monday, September 16th were paid a dividend of $1.02 per share. This is a boost from Altria Group’s previous quarterly dividend of $0.98. This represents a $4.08 annualized dividend and a yield of 7.57%. The ex-dividend date of this dividend was Monday, September 16th. Altria Group’s dividend payout ratio is presently 70.34%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MO. Bank of America reduced their target price on Altria Group from $57.00 to $53.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Altria Group from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday. StockNews.com lowered shares of Altria Group from a “buy” rating to a “hold” rating in a report on Tuesday, October 8th. Citigroup raised their price objective on shares of Altria Group from $44.50 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 8th. Finally, UBS Group lifted their price objective on shares of Altria Group from $39.00 to $41.00 and gave the stock a “sell” rating in a research report on Monday, September 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Altria Group currently has an average rating of “Hold” and an average price target of $51.17.

Read Our Latest Research Report on Altria Group

About Altria Group

(Get Free Report)

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.

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