Altria (MO) hikes dividend for 55th consecutive year in 2024

On August 22, 2024, tobacco company Altria Group, Inc. (MO) announced a dividend hike of 4.1% to $1.02 quarterly per share. This marks 55 consecutive years of increased dividend by Altria.

The quarterly dividend is payable on October 10, 2024 to shareholders of record as of September 16, 2024. The ex-dividend date is September 16, 2024. Last year MO hiked the dividend by 4.3%.

The new annualized dividend rate is $4.08 per share, representing a dividend yield of 7.9% based on MO closing stock price of $51.81 on August 21, 2024.

Today’s dividend increase is consistent with the company’s progressive dividend goal that targets mid-single digits dividend per share growth annually through 2028. This increase marks the 59th dividend increase in the past 55 years.

The new annualized dividend rate is $4.08 per share, representing a dividend yield of 7.9% based on a closing stock price of $51.83 on August 22, 2024.

Altria Group, Inc. is a holding company incorporated in the Commonwealth of Virginia in 1985. Altria’s wholly-owned subsidiaries include Philip Morris USA Inc., U.S. Smokeless Tobacco Company LLC, John Middleton Co., Nu Mark LLC, Ste. Michelle Wine Estates Ltd. and Philip Morris Capital Corporation. Altria's tobacco brands include Marlboro, Black & Mild, Copenhagen, Skoal, MarkTen and Green Smoke. Altria also holds an equity investment of 10.2% in brewer AnheuserBusch InBev, received in 2016 when the Belgian company acquired SABMiller in which Altria had an approximate 27% ownership. Altria previously owned Kraft Foods and Philip Morris International. Kraft Foods, Inc. spin-off was completed March 30, 2007 and Philip Morris International spin-off was completed March 28, 2008.