Dividend Champions List: Top 15

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

Dividend Yield as of September 24: 7.97%

Altria Group, Inc. (NYSE:MO) is an American tobacco company that manufactures a wide range of related products including cigarettes and other nicotine products. The company reported mixed earnings in Q2 2024. It reported revenue of $5.28 billion, reflecting a modest decline of 3% compared to the same period last year. Nevertheless, its traditional tobacco businesses proved to be resilient despite a challenging operating environment. These cash-generating operations continued to provide support for the company’s investments in innovative product initiatives. By the end of the quarter, the company had $1.8 billion in cash and cash equivalents available.

Altria Group, Inc. (NYSE:MO) is making significant strides in its mission to lead adult smokers toward a smoke-free future responsibly. In the second quarter of 2024, its innovative smoke-free products experienced substantial growth in market share and volume, reaching important milestones that are anticipated to contribute to future success. NJOY achieved the first-ever FDA marketing granted orders for menthol e-vapor products, and the company also submitted PMTA applications to the FDA for the next generation of its NJOY and on! products.

Altria Group, Inc. (NYSE:MO) announced a quarterly dividend of $1.02 per share on September 13, which was consistent with its previous dividend. In August this year, the company achieved its 55th consecutive year of dividend growth. In Q2, it also returned $1.7 billion to shareholders through dividends. With a dividend yield of nearly 8%, as of September 24, MO tops our dividend champions list.

Insider Monkey’s database of Q2 2024 showed that 36 hedge funds owned stakes in Altria Group, Inc. (NYSE:MO), compared with 38 in the previous quarter. These stakes are collectively valued at nearly $960 million.

Overall, Altria Group, Inc. (NYSE:MO) ranks first on our list. While we acknowledge the potential for MO to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than MO but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. 

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Disclosure: None. This article is originally published at Insider Monkey.