Why Altria Group Shares Bumped 15.9% Higher In October

Altria Group's stock surged 15.9% in October as investors sought safer dividend-paying stocks amid market volatility. The tobacco company reported solid earnings driven by price increases offsetting volume declines, with its nicotine pouch brand showing strong growth. However, the stock now trades at a P/E ratio of 16, near multi-year highs, which may not be attractive for a slow-growth business facing structural headwinds from declining cigarette usage.