Altria Boosts Stock Buybacks by $2.4 Billion After Beer Stake Sale Amid Cigarette Declines

• Altria expands share buyback program by $2.4 billion after selling part of its stake in AB InBev • Using proceeds to invest in alternatives to traditional cigarettes and pay down debt • Facing challenges from regulations, competition from vapes, and shift to cheaper brands • Focusing on smokeless products like NJOY vapes and tobacco-free nicotine pouches
• Raised 2024 adjusted EPS forecast to between $5.05-$5.17 from prior $5.00-$5.15