Initially known as Philip Morris and rebranded in 2003, Altria is a U.S.-based holding company with origins dating back to the mid-nineteenth century. $MO

Al-tree-uh. Ale-trey-uh. All-tray-uh. It’s a name so marvelously unassuming you can tell a consulting firm thought it up.

In 2007, Altria spun off its majority stake in Kraft Foods to shareholders. That same year, it began to divest its stake in Philip Morris International (which was finalized in March 2008). Currently, the company trades on the NYSE under $MO and oversees a leading portfolio of products for adult consumers in the U.S. market, all of which are manufactured and marketed by subsidiaries, including:

The company also holds investments in:

(9.96%, Public, NYSE: BUD) 197,457,354 shares

(42%, Public, TSX:CRON, NASDAQ: CRON) 156,573,537 million shares

Additionally, on May 13, 2022, Altria announced a definitive agreement to purchase substantially all assets and properties of Poda Holdings, a Canadian company focused on heated tobacco product (HTP) technologies.

While the core business is in secular decline, operations as a whole are incredibly capital-light, allowing the company to prioritize returning capital to shareholders. The company has a long history of buying back shares while targeting an 80% payout ratio of adjusted diluted EPS and has increased and paid a dividend for more than fifty consecutive years. As of December 31, 2021, the credit ratings and outlook for Altria were the following:

Source: Altria 2021 10-K, (unchanged)

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