Altria Group (NYSE:MO) Board of Directors Announces Share Buyback Plan
Altria Group (NYSE:MO) declared that its board has initiated a stock buyback program on Tuesday, July 30th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 1.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Shares of NYSE MO opened at $45.49 on Friday. The stock’s 50-day moving average is $48.41 and its two-hundred day moving average is $51.56. The company has a debt-to-equity ratio of 1.87, a current ratio of 0.56 and a quick ratio of 0.28. Altria Group has a 1-year low of $42.40 and a 1-year high of $66.04. The company has a market cap of $87.39 billion, a price-to-e ...