Should You Sell Altria Group (MO) Now?

Broyhill Asset Management, a boutique investment firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The portfolio gained 1.3% net of fees and expenses in 2022 compared to a -18% return for the MSCI World Index. The portfolio compounded at 12.3% annually net of fees and expenses, since inception. In addition, check the fund’s top five holdings to know its best picks in 2022.

Broyhill Asset Management highlighted stocks like Altria Group, Inc. (NYSE:MO) in the Q4 2022 investor letter. Headquartered in Richmond, Virginia, Altria Group, Inc. (NYSE:MO) is a tobacco company. On March 17, 2023, Altria Group, Inc. (NYSE:MO) stock closed at $45.32 per share. One-month return of Altria Group, Inc. (NYSE:MO) was -5.72%, and its shares lost 13.26% of their value over the last 52 weeks. Altria Group, Inc. (NYSE:MO) has a market capitalization of $82.439 billion.

Broyhill Asset Management made the following comment about Altria Group, Inc. (NYSE:MO) in its Q4 2022 investor letter:

“We rebalanced our tobacco exposure during the year, reducing our investment in Altria Group, Inc. (NYSE:MO) as the future of the company’s combustible cigarette business became increasingly questionable given pending US legislation and a lackluster portfolio of reduced risk products. We reinvested the proceeds in Philip Morris so that relative position sizing is more consistent with our increased conviction.”

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Altria Group, Inc. (NYSE:MO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Altria Group, Inc. (NYSE:MO) at the end of the fourth quarter which was 47 in the previous quarter.

We discussed Altria Group, Inc. (NYSE:MO) in another article and shared the list of high-yield dividend stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 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.