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Altria Selling Portion of ABI Stake, Raises 2024 Guidance

publication date: Mar 15, 2024
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Image: Altria’s shares reacted positively to news that it would sell a portion of its stake in Anheuser-Busch Inbev. 

On March 14, Altria Group announced that it would be selling in a secondary offering 35 million of its ~197 million shares of Anheuser-Busch Inbev it owns to unlock value for shareholders. The cigarette maker noted that it would use the proceeds of the sale for accelerated share buybacks to the tune of a $2.4 billion increase to its existing $1 billion repurchase program, a move that we like quite a bit as it helps to reduce total dividend obligations paid to shareholders given Altria’s outsized dividend yield. The cigarette maker also raised its earnings guidance because of the sale, and we continue to like Altria as a high yield dividend income idea.


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