Top 20 Dividend Stocks of 2024

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

Number of Hedge Fund Holders: 32

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. In the past 12 months, the stock has surged by over 24.5%, which makes it one of the best dividend stocks of 2024.

In the third quarter of 2024, Altria Group, Inc. (NYSE:MO) reported revenue of $5.34 billion, reflecting a modest 1.1% increase from the same period last year. The company saw strong income growth in its smokeable products segment, fueled by the continued success of the Marlboro brand. Its oral tobacco products segment also contributed to profitability, with the MST brands performing well and the on! product maintaining its market position. In addition, Altria introduced its “Optimize & Accelerate” initiative, which is focused on modernizing operations and advancing its strategic objectives. The company also reaffirmed its 2024 adjusted diluted EPS guidance, projecting a range of $5.07 to $5.15, reflecting a growth rate of 2.5% to 4% compared to the 2023 base of $4.95.

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)

On December 11, Altria Group, Inc. (NYSE:MO) declared a quarterly dividend of $1.02 per share, which was in line with its previous dividend. The company has always remained committed to its shareholder obligation, returning $1.7 billion to investors through dividends. Moreover, it has raised its payouts for 55 consecutive years. The stock has an attractive dividend yield of 7.88%, as of December 30.

Of the 900 hedge funds tracked by Insider Monkey at the end of Q3 2024, 32 funds held stakes in Altria Group, Inc. (NYSE:MO), compared with 36 in the previous quarter. The consolidated value of these stakes is over $2.26 billion.