12 Best High Dividend Stocks Under $100

3. Altria Group, Inc. (NYSE:MO)

Number of Hedge Fund Holders: 32

Dividend Yield as of January 24: 7.84%

Share Price as of January 24: $52.05

Altria Group, Inc. (NYSE:MO) is a Virginia-based tobacco company that manufactures a wide range of related products including cigarettes and other nicotine products. The tobacco industry has undergone considerable transformation in recent years. Although smoking rates worldwide have decreased, many consumers are increasingly turning to smoke-free alternatives like e-cigarettes and oral tobacco, which are viewed as less harmful and have grown in popularity. Altria, recognized for brands such as Marlboro and Parliament, appears to be effectively adjusting to these changing trends by expanding its offerings in smoke-free products.

Altria Group, Inc. (NYSE:MO) is garnering investors’ attention as the stock has outperformed the market in the past 12 months, gaining over 30%. The company is a solid dividend payer and has remained committed to its shareholder obligation. In its most recent quarter, it paid $1.7 billion to investors through dividends. Moreover, it has raised its payouts for 55 years straight. The company pays a quarterly dividend of $1.02 per share and has a dividend yield of 7.84%, as of January 24.

Ashva Capital made the following comment about MO in its Q3 2024 investor letter:

“At Ashva Capital, our focus on intrinsic value–rather than market sentiment or temporary price metrics– sets our portfolio apart from peers. For example, we hold Altria Group, Inc. (NYSE:MO), which has demonstrated resilience and strong performance within our portfolio, particularly following a robust Q3 earnings report. Altria’s results highlighted increased demand for smokeless products, underscoring both the adaptability of its business model and its long-term growth potential—a key factor in our investment decision.

This approach to intrinsic value echoes insights from renowned value investor Bill Miller, whose strategy emphasized fundamental value over market-driven factors. Key principles from Miller’s approach that inform our strategy include:..” (Click here to read the full text)

At the end of Q3 2024, 32 hedge funds tracked by Insider Monkey held stakes in Altria Group, Inc. (NYSE:MO), compared with 36 in the preceding quarter. These stakes have a total value of $2.27 billion. With over 22 million shares, Arrowstreet Capital was the company’s leading stakeholder in Q3.