Altria Group Inc (MO)

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Why 6 of the Highest-Yielding S&P 500 Stocks May Be the Best Q4 Bets Now
By: 24/7 Wall St. | October 11, 2023

• Altria

This maker of tobacco products offers value investors a great entry point now as it has been hit as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of Philip Morris USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.

Altria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer, which some feel is worth more than $10 billion and may be a segment of the company that could be sold. Given the public relations issues the company has faced this year, it could very well be on the chopping board. (See which 19 companies were caught trying to manipulate the free market.)

The company has increased its dividend for 52 consecutive years and announced another increase effective October 10, when the dividend went to $0.98 per share from $0.94.

Shareholders now receive a 9.18% dividend. Jefferies has a $55 target price, while the consensus target is $48.89. Altria stock closed on Tuesday at $42.49.

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