Friday, August 25, 2023

Dividend Increase - Altria Group, Inc. (MO)


Thursday, August 24th the Board of Directors of Altria Group, Inc. (MO) announced a quarterly dividend increase of from $0.94 to $0.98 per share that’s payable October 10, 2023 to holders of record September 15, 2023. This represents a 4.26% increase over the last quarterly dividend.

Today’s dividend increase is consistent with our new progressive dividend goal that we established at our 2023 Investor Day that targets mid-single digits dividend per share growth annually. This increase marks the 58th dividend increase in the past 54 years.

With current price $43.40 (yesterday's close), this raise brings their dividend yield to 9.03%.

MO is a Dividend Champions with a 54 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.6, 3.5, 7.9 and 8.1 (Dividend Champions.xls)

Since I own 175 shares of MO, this will increase my portfolio's projected annual net dividend income by $20.86.

This increase was in line with my expectations.

This is the eleventh dividend increase I've received from Altria since initiating a position in August 2013. During this period, the quarterly dividend has risen nicely from $ 0.48 to $ 0.98, or 104.2 percent.

This increase raises my YOC to 11.64%.

Summary of 2023 Dividend Increases / Cuts

Click here to see my portfolio holdings.

You can follow the development of my dividends here.

Full Disclosure: Long MO

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