Overview
- Altria is highlighted for income appeal with a roughly 7% dividend yield as of Dec. 8 and 56 consecutive years of increases.
- Shares trade at an about 10.7 forward P/E, signaling a discounted valuation by common metrics.
- U.S. adult smoking has fallen from roughly 42% in 1965 to just over 11% in 2022, pressuring cigarette volumes.
- The company has leaned on pricing power across brands such as Marlboro, Black & Mild, Copenhagen, Skoal and Virginia Slims to stabilize revenue.
- The dividend is described as not in jeopardy for now, though its long-term durability hinges on offsetting volume losses and finding viable non-tobacco growth.