Meritage Portfolio Management Lowers stake in Reynolds American (RAI)

Reynolds American (RAI) : Meritage Portfolio Management reduced its stake in Reynolds American by 1.52% during the most recent quarter end. The investment management company now holds a total of 130,727 shares of Reynolds American which is valued at $6,252,672 after selling 2,018 shares in Reynolds American , the firm said in a disclosure report filed with the SEC on Apr 21, 2016.Reynolds American makes up approximately 0.70% of Meritage Portfolio Management’s portfolio.

Reynolds American opened for trading at $48.54 and hit $49.63 on the upside on Wednesday, eventually ending the session at $48.96, with a gain of 1.35% or 0.65 points. The heightened volatility saw the trading volume jump to 48,12,739 shares. Company has a market cap of $69,883 M.

Other Hedge Funds, Including , Bkd Wealth Advisors reduced its stake in RAI by selling 681 shares or 10.43% in the most recent quarter. The Hedge Fund company now holds 5,850 shares of RAI which is valued at $285,129. Reynolds American makes up approx 0.04% of Bkd Wealth Advisors’s portfolio.Grassi Investment Management reduced its stake in RAI by selling 28,147 shares or 14.65% in the most recent quarter. The Hedge Fund company now holds 163,976 shares of RAI which is valued at $7,992,190. Reynolds American makes up approx 1.56% of Grassi Investment Management’s portfolio. Kempner Capital Management sold out all of its stake in RAI during the most recent quarter. The investment firm sold 5,000 shares of RAI which is valued $253,000.

On the company’s financial health, Reynolds American reported $0.50 EPS for the quarter, based on the information available during the earnings call on Apr 26, 2016. Analyst had a consensus estimate of $0.50. The company had revenue of $2917.00 million for the quarter, compared to analysts expectations of $2936.11 million. The company’s revenue was up 41.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS.

Many Wall Street Analysts have commented on Reynolds American. Company shares were Reiterated by RBC Capital Mkts on Mar 10, 2016 to “Outperform”, Firm has raised the Price Target to $ 57 from a previous price target of $53 .

Reynolds American Inc. (RAI) is a holding company. The Company operates through three segments: RJR Tobacco American Snuff and Santa Fe. The RJR Tobacco segment consists principally of the primary operations of R. J. Reynolds Tobacco Company. The American Snuff segment consists of the primary operations of American Snuff Co. The Santa Fe segment consists of the domestic operations of Santa Fe Natural Tobacco Company Inc. (SFNTC). The Company’s wholly owned subsidiaries include R. J. Reynolds Tobacco Company American Snuff Company LLC (American Snuff Co.) Lorillard Inc. Santa Fe Natural Tobacco Company Inc. (SFNTC) R. J. Reynolds Vapor Company (RJR Vapor) Niconovum USA Inc. and Niconovum AB.

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