Thursday, August 22nd the Board of Directors of Altria Group, Inc. (MO) announced a quarterly dividend increase of from $0.98 to $1.02 per share that’s payable October 10, 2024 to holders of record September 16, 2024. This represents a 4.08% increase over the last quarterly dividend.
Today’s dividend increase is consistent with our progressive dividend goal that targets mid-single digits dividend per share growth annually through 2028. This increase marks the 59th dividend increase in the past 55 years.
With current price $51.83 (yesterday's close), this raise brings their dividend yield to 7.87%.
Altria is a Dividend Champions with a 55 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 4.4, 4.0, 5.8 and 7.8 (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 twelth dividend increase I've received from Altria since initiating a position in August 2013. During this period, the quarterly dividend has risen reasonably from $0.48 to $1.02, or 112.5 percent.
This increase raises my Yield on Cost to 12.1%.
Summary of 2024 Dividend Increases / Cuts
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You can follow the development of my dividends here.
Full Disclosure: Long MO
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