Saratoga Research & Investment Management 13F: Exits MO Stake

Saratoga Research & Investment Management sold its entire position in Altria Group, Inc. (NYSE: MO), as reported in its latest Form 13F filing on October 16, 2026. The firm cut 2,920 shares, resulting in a total sell-off of its stake, now sitting at zero shares.

What Changed in Saratoga Research's Altria Position

With this filing, Saratoga Research exited its investment in Altria Group completely, bringing its share count down from 2,920. This strategic decision reflects a shift in their investment approach, as they no longer hold any shares of the tobacco giant.

Other Institutional Activity in Altria

Other institutional investors also adjusted their stakes in Altria during the same quarter. BlackRock Inc. grew its holdings by 1,322,359 shares, ending with approximately 126.1 million shares worth about $9.47 billion. Vanguard Capital Management LLC increased its position minimally, adding 195,907 shares for a total of around 109 million shares valued at about $8.19 billion. In contrast, State Street Corporation reduced its stake by 1,600,998 shares, bringing its total to about 70.2 million shares worth around $5.27 billion. Meanwhile, Charles Schwab Investment Management, Inc. raised its position by 4,841,802 shares, totaling approximately 59.1 million shares valued at about $4.44 billion, and Capital Research Global Investors increased its stake significantly by 32,973,402 shares for a total of about 58.7 million shares worth around $4.41 billion.

Altria Group, Inc. Stock Up 1.2%

As of October 16, 2026, Altria's stock was recently trading around $74.76, which is above its 50-day and 200-day moving averages by 9.2% and 10.1%, respectively. However, the stock is about 3% below its 52-week high of $77.06. This positioning may indicate a fluctuating market sentiment as the company approaches its next earnings release.

Recent Earnings

In its latest earnings report, Altria Group posted a trailing twelve-month revenue of approximately $20.44 billion and an earnings per share (EPS) of $4.75. The company's net margin was reported at 39.0%, demonstrating solid profitability. The next earnings report is expected on October 29, 2026.

Insider Buying and Selling at Altria Group, Inc.

Altria has seen some insider selling recently. Officer Charles N. Whitaker sold 27,908 shares at an average price of $67.57 on March 5, 2026, totaling about $1.89 million. Director Debra J. Kelly-Ennis sold 5,790 shares at $72.25 on May 26, 2026, amounting to around $418,318. Additionally, Director Ellen Strahlman sold 2,000 shares at $72.56 on the same day, worth about $145,118.

Analysts Set New Price Targets

Analysts have mixed views on Altria. On July 7, 2026, UBS maintained a 'Buy' rating with a price target of $79.00, up from a prior target of $76.00. Meanwhile, Barclays maintained an 'Underweight' rating, lowering its target from $64.00 to $58.00 on August 11, 2026. The consensus recommendation for Altria currently stands at 'Hold', with a mean price target of $70.00 based on 11 analyst opinions.

About Altria Group, Inc.

Altria Group, Inc. is a leading tobacco company in the United States, known for brands like Marlboro and Black & Mild. It manufactures a range of smokeable and oral tobacco products, as well as e-vapor products. The recent moves by institutional investors, including Saratoga Research's complete exit, highlight the changing dynamics in the tobacco industry amid regulatory pressures and market shifts.

Bottom Line

Investors should keep an eye on Altria's upcoming earnings report on October 29, 2026, and any further institutional filings, as these could provide insight into the company's financial health and investor sentiment. Keep in mind that 13F filings are backward-looking: they show holdings as of the end of the reporting quarter and may not represent the fund's current position.