What's more appealing to an income investor than a stock with a high dividend yield? It's probably a stock with a reputation for growing its dividend. And what's better than a stock with a growing dividend? Many yield-focused investors would tell you it's a stock with a growing high-yield dividend that has attained Dividend King status.

Dividend Kings are S&P 500 stocks that have raised their dividend payouts annually for at least 50 consecutive years. A stock that qualifies has managed to generate excess income through all sorts of macroeconomic environments, including multiple recessions, bear markets, high inflation rates, and even stagflation. Dividend Kings have earned a reputation for stable and growing income over time and are sought-after investment options.

The tobacco company Altria Group (NYSE: MO) has earned this distinction. But it's also earned some ill will for the now controversial products that it makes and sells. Should income investors buy the stock? Let's drill down into its fundamentals and valuation and see if we can find an answer.

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Source Fool.com