Shares of Altria (NYSE: MO) were moving higher last month as the Marlboro-maker benefited from a rotation out of growth stocks and into value stocks and dividend stocks. Rising interest rates also seemed to encourage that rotation, favoring high-yielding dividend stocks like Altria.
As a tobacco company, Altria is a recession-proof stock since consumers buy cigarettes regardless of the state of the economy. But the stock has struggled for most of the pandemic as investors focused their attention on surging growth stocks in areas like cloud computing and e-commerce. That seems to be changing now.