Dividends are a big part of my investment strategy. I prefer to invest in companies that offer attractive and growing dividends. I like to collect passive income, and dividend growers are proven wealth creators.

Given all this, Altria Group (MO -0.54%) would seem to be the perfect stock for me. The company currently pays a dividend yielding more than 8%. Meanwhile, it has increased its payment 59 times over the last 55 years, a trend it expects will continue through at least 2028.

However, I've never invested in Altria Group and probably never will. The reason is that it sells cigarettes, which is something that I'm personally opposed to. I'd rather make money from companies that sell products I support.

Cashing in on smoking

Despite the stigma of smoking, Altria makes a lot of money selling cigarettes. The company generated over $10 billion of revenue from selling smokable products during the first half of this year, including cigarettes and cigars. After adjusting for expenses, its operating companies income (OCI) was over $5 billion. On a positive note for someone who detests smoking, the company's revenue from smokeable products declined nearly 5% this year, driven by a double-digit drop in cigarette sales.

In addition to selling smokable products, Altria also sells oral tobacco products. The company's revenue from this segment was over $1.3 billion during the first half of this year. Its OCI from oral tobacco products was almost $900 million. This business segment is growing, with a 4% revenue increase and a 3% rise in OCI during the first half of the year.

Altria's highly profitable tobacco businesses generate lots of cash flow. It returns most of that cash to investors. It delivered more than $5.8 billion to shareholders through dividends and repurchases through the first half of the year.

Growing away from smoking

While Altria's overall earnings per share declined during the first half of this year, with a 1.6% decrease, it expects its earnings to grow in the second half of 2024, to the tune of 2.5% to 4% higher than last year. The company anticipates more of the same in the future. It targets delivering mid-single-digit compound annual earnings-per-share growth through 2028.

Several factors drive that view. Altria expects to hold its leadership position in the U.S. tobacco space while maintaining strong profit margins of at least 60% annually. That should enable the company to invest in growing its smoke-free product lines while continuing to increase the dividend. It's targeting to deliver mid-single-digit annual dividend growth through 2028.

Altria plans to grow its smoke-free volumes by at least 35% from 2022's level by 2028. That should enable the company to double its smoke-free revenue to $5 billion.

Meanwhile, the company's longer-term ambition is to move beyond smoking. It plans to continue growing its smoke-free products, including oral tobacco, heated tobacco, and e-vapors in the U.S. and beyond. In addition, it wants to enter non-nicotine categories in the future, targeting broad commercial distribution of at least five products by 2028.

Despite this move beyond smoking, Altria will continue to sell cigarettes for the foreseeable future. That's why I probably will never invest in the stock, given my personal dislike for smoking.

It's not always about the money

I like to invest in things that interest me. That makes it more enjoyable. It's why I won't invest in something that I have a personal disdain for, like smoking. While investing in Altria could enable me to make more passive income, I'd rather stick to my convictions and not invest in a company that makes products I don't support. There are plenty of other ways to make money.