I like to buy companies with long histories of dividend increases while they are offering historically high dividend yields. On the surface, that would suggest that I might want to buy Altria (NYSE: MO) and its huge 8.7% yield. No, thanks: I'd rather own Hormel Foods (NYSE: HRL) and its much lower 3.1% yield. Here's why.

Altria's biggest business is selling cigarettes, with its iconic Marlboro brand having a massive 42% market share in the U.S. market. The problem is that the company's volume has been in a steady decline for years, as smoking has increasingly fallen out of favor. To put a number on that, first quarter 2024 volume declined 10% year over year. That's not an anomaly, with the company consistently raising prices to offset the volume declines it has faced.

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Source Fool.com