5 Best Dividend Paying Stocks Under $50

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

Share Price as of September 30: $41.17

Altria Group, Inc. (NYSE:MO) is an American tobacco company that manufactures cigarettes and other tobacco-related products. The company holds one of the longest dividend growth track records in the market, having raised its dividends for 53 years consistently. It currently pays a quarterly dividend of $0.94 per share and has a yield of 9.16%, as recorded on September 30.

In July, BofA maintained its Neutral rating on Altria Group, Inc. (NYSE:MO) with a $45 price target, expressing concerns regarding the supply chain issues amid the current environment.

As of the close of Q2 2022, 48 hedge funds tracked by Insider Monkey reported owning stakes in Altria Group, Inc. (NYSE:MO), up from 47 in the previous quarter. These stakes hold a combined value of over $1.8 billion.