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flag Perpetual Ltd sold off part of its Altria stake, despite the tobacco firm's strong earnings and high dividend yield.

flag Perpetual Ltd reduced its stake in Altria Group, Inc. by 22,979 shares in the first quarter of 2021, while other institutions like Sumitomo Mitsui Trust Group Inc. increased their holdings. flag Altria, a tobacco company with a market cap of $99.07 billion, reported strong first-quarter earnings of $1.23 per share, beating estimates by $0.04. flag The company also announced a quarterly dividend of $1.02 per share, with a yield of 6.94%. flag Analysts have a "Hold" rating on the stock, with an average price target of $56.00.

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