Altria Group, Inc. Boosts Dividend by 4.3% to $0.98 Quarterly per Share in 2023: 54 Years of Consistent Growth.
On August 25, 2023, renowned tobacco corporation Altria Group, Inc. (MO) announced a substantial 4.3% increase in their quarterly dividend, setting it at $0.98 per share. This noteworthy development signifies a remarkable streak of 54 consecutive years during which Altria has consistently elevated its dividend. Last year Altria hiked the dividend by 5.4%.
In a recent statement, Altria Group, Inc. proudly revealed that its Board of Directors unanimously voted to enhance the regular quarterly dividend by an impressive 4.3%, raising it from its former level of $0.94 to the current $0.98 per share. Shareholders can eagerly anticipate receiving the augmented dividend, scheduled for disbursement on October 10, 2023. To qualify, shareholders must be recorded on the company's books as of September 15, 2023, with the ex-dividend date set on September 14, 2023.
In light of this dividend adjustment, the newly established annualized dividend rate now stands at $3.92 per share. Notably, this calculation results in an attractive dividend yield of 9.1%, as computed from the closing stock price of $43.12 on August 23, 2023.
Altria underscores that this dividend increase seamlessly aligns with their progressive dividend objective, an integral aspect introduced during the 2023 Investor Day. This forward-looking approach is geared towards achieving mid-single digits in annual dividend per share growth. With this adjustment, Altria proudly marks its 58th dividend increase over the past 54 years, showcasing the company's enduring commitment to its investors and long-term growth.
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.