Yahoo Finance Is Altria Group (MO) a High-Yielding Security?
Andvari Associates, an investment management firm, released its first quarter 2024 investor letter, a copy of which can be downloaded here. Andvari is slowly but steadily improving its performance after it declined in 2022. In the initial quarter of 2024, Andvari saw a 12.1% net of fees increase, while the SPDR S&P 500 ETF grew 13%. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2024.
Andvari Associates featured stocks like Altria Group, Inc. (NYSE:MO) in the Q1 2024 investor letter. Headquartered in Richmond, Virginia, Altria Group, Inc. (NYSE:MO) manufactures and sells smokeable and oral tobacco products. On April 16, 2024, Altria Group, Inc. (NYSE:MO) stock closed at $40.75 per share. One-month return of Altria Group, Inc. (NYSE:MO) was -9.02%, and its shares lost 12.29% of their value over the last 52 weeks. Altria Group, Inc. (NYSE:MO) has a market capitalization of $69.993 billion.
Andvari Associates stated the following regarding Altria Group, Inc. (NYSE:MO) in its first quarter 2024 investor letter:
"Our second example of a high-yielding security is the stock of Altria Group, Inc. (NYSE:MO). Before we get into the details of why we started a position in Altria, a brief history is in order. The company was formerly known as Philip Morris before rebranding to Altria in 2003. Cynically, the rebranding was to minimize the negative attention from its tobacco business. However, the company also owned Kraft Foods and Miller Brewing, so it was logical to reflect its status as a conglomerate. Since rebranding, Altria has slowly “de-conglomerated”. It spun out Kraft in 2007. It spun out Philip Morris International in 2008. In 2021, it sold its Ste. Michelle Wine Estates business. Finally, last month Altria announced it is selling part of its 10% ownership in Anheuser-Busch InBev (BUD)
Andvari has followed Altria since we began our investment career. Profitability is extraordinary and the business requires minimal capital expenditures. Despite the volume of cigarettes having steadily declined—a great thing for our population health—Altria has still managed to grow revenues and profits with regular price increases…” (Click here to read the full text)
A close-up of an assembly line with a blend of tobacco products.
Altria Group, Inc. (NYSE:MO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Altria Group, Inc. (NYSE:MO) was held by 42 hedge fund portfolios, compared to 40 in the previous quarter, according to our database.
We previously discussed Altria Group, Inc. (NYSE:MO) in another article, where we shared the list of cheap high dividend stocks To Invest In. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
