Tobacco company, Altria Group Inc (MO) reported on Wednesday that it will now begin to offer its first electronic cigarette..
The company will premiere the new e-cigarette MarkTen in Indiana in August. MO did not report whether it plans to expand its test market beyond Indiana.
Altria reported that the new product will be manufactured in China and it will cost consumers $9.50. Although the e-cigarette will be disposable, users will have the option of reusing the product by obtaining a kit that recharges the batteries. The new product will be available in “classic” and menthol.
The company’s CEO Marty Barrington noted, “The category is in its early stages, and time will tell how it will evolve.”
Altria is the last major company in the industry to offer a e-cigarette. Tabasco companies have been trying to expand to other markets like the e-cigarette, but have had a tough time due to tax hikes, smoking bans and health concerns.
Altria shares were down 44 cents, or -1.22% during premarket trading Wednesday. The stock is up 15% YTD.
The Bottom Line
Shares of Altria Group Inc (MO) have a 4.87% yield, based on Tuesday’s closing price of $36.16.
Altria Group Inc (MO) is a “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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