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Perpetual Ltd sold off part of its Altria stake, despite the tobacco firm's strong earnings and high dividend yield.
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.
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.
The company also announced a quarterly dividend of $1.02 per share, with a yield of 6.94%.
Analysts have a "Hold" rating on the stock, with an average price target of $56.00.
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Perpetual Ltd. vendió parte de su participación en Altria, a pesar de las fuertes ganancias de la empresa de tabaco y el alto rendimiento de dividendos.