10 Highest Dividend-Paying Stocks to Buy in the S&P 500

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

Dividend Yield as of September 27: 6.45%

Altria Group, Inc. (NYSE:MO) is an American company and one of the world’s leading producers and marketers of tobacco products, including cigarettes, as well as medical products designed to treat conditions related to tobacco use. The iconic company, best known for its Marlboro cigarettes, has long been a popular choice for dividend investors. However, its long-term prospects are now arguably more uncertain than ever.

The tobacco industry is shifting from traditional combustible cigarettes toward newer smoke-free products. Altria Group, Inc. (NYSE:MO)’s ability to capitalize on these emerging trends will play a key role in determining its future value, especially as growth in its traditional tobacco business slows.

Oral nicotine salt pouches have been Altria Group, Inc. (NYSE:MO)’s most successful venture in the smoke-free market. In the second quarter of 2025, about 83% of the company’s operating income still came from traditional smokeable products. The remaining 17% includes all oral tobacco and nicotine offerings, not just the On! brand. This indicates that smoke-free products are far from being a major revenue driver for Altria and likely will not be for the foreseeable future.

Altria Group, Inc. (NYSE:MO)’s dividend history also makes it an appealing choice for income investors. The company has raised its dividends 60 times in the past 56 consecutive years. It currently offers a quarterly dividend of $1.06 per share and has a dividend yield of 6.45%, as of September 27.