Reddit’s WallStreetBets is Buying These 5 Stocks in September

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

Number of Hedge Fund Holders: 48

Altria Group, Inc. (NYSE:MO) is a leading American tobacco company that manufactures and sells smokeable and oral tobacco products, primarily in the United States. The company is most widely known for its Marlboro brand. Redditors on WallStreetBets see Altria Group, Inc. (NYSE:MO) dominating the marijuana market as it expands and gains approval for its cannabis products.

On August 25, Altria Group, Inc. (NYSE:MO) declared a quarterly cash dividend of $0.94 per share, up 4.4% from its prior dividend of $0.90. The dividend is payable on October 11, to shareholders of record on September 15. As of September 11, Altria Group, Inc. (NYSE:MO) is offering a forward dividend yield of 8.29%, which the company supports with free cash flows of $8 billion.

On July 25, Jefferies analyst Owen Bennett revised his price target on Altria Group, Inc. (NYSE:MO) to $54 from $58 and reiterated a Buy rating on the shares.

At the close of Q2 2022, 48 hedge funds were bullish on Altria Group, Inc. (NYSE:MO) and held stakes worth $1.83 billion in the company. This is compared to 47 positions in the previous quarter with stakes worth $1.95 billion. As of June 30, Arrowstreet Capital is the top shareholder in Altria Group, Inc. (NYSE:MO) with stakes worth $370 million.