British American Tobacco Share Price Today (BATS.L): FTSE 100 Tobacco Giant Holds Above 4,180p as Buyback Marches On

London-listed British American Tobacco p.l.c. (LON: BATS) edged higher on Friday, 21 November 2025, as the group continued its sizeable share buyback programme and investors weighed rich dividends against mounting regulatory and ESG headwinds.

At the close of trade on the London Stock Exchange, BATS shares were quoted around 4,187p, up roughly 0.07% on the day, with an intraday range between about 4,171p and 4,205p. ^[1]

British American Tobacco (BATS.L) share price snapshot – 21 November 2025

Key numbers for British American Tobacco’s UK-listed shares today:

Closing price (21 November 2025): c. 4,187p (sell 4,186p / buy 4,187p) ^[2]
Daily move: up about 3p, or +0.07% versus Thursday’s 4,183p close ^[3]
Intraday range: roughly 4,171p–4,205p ^[4]
52‑week range: about 2,838p (low, January 2025) to 4,400p (high, August 2025) ^[5]
12‑month performance: around +43% based on Hargreaves Lansdown performance figures ^[6]
Market capitalisation: approximately £91bn ^[7]
Trading volume: about 0.7m shares changed hands during today’s session ^[8]
Dividend yield: around 5.6–5.8%, based on an annual dividend of roughly 240p per share ^[9]

The modest gain keeps BATS within touching distance of its 52‑week high and extends a strong year in which the stock has significantly outperformed many UK blue-chips.

Today’s main headline: another “Transaction in Own Shares” RNS

The key corporate news for 21 November 2025 is a fresh “Transaction in Own Shares” announcement, confirming British American Tobacco’s ongoing buyback activity.

According to the regulatory filing released this morning and mirrored on South Africa’s SENS system, the company: ^[10]

Purchased 129,180 ordinary shares of 25p each on 20 November 2025
Executed the trades via Goldman Sachs International as part of the ongoing buyback programme (first announced in March 2024)
Paid a volume‑weighted average price of about 4,178.72p per share, with:
- Highest price: roughly 4,198p
- Lowest price: about 4,162p
Intends to cancel the purchased shares rather than hold them permanently in treasury

Following this latest tranche, BAT states that it will have about 2.182bn shares in issue (excluding treasury shares), with approximately 133m shares held in treasury. ^[11]

This buyback is being carried out under authority granted at the company’s 16 April 2025 AGM and forms part of a wider programme that was increased to £1.1bn for 2025 when BAT nudged up its sales growth target earlier this year. ^[12]

Why the buyback matters for the BATS share price

From a market perspective, today’s announcement is not a one‑off surprise, but it reinforces several themes that have underpinned the share price rally in 2025:

Reduced share count, higher per‑share metrics
By cancelling repurchased shares, BAT gradually reduces the number of shares over which earnings and dividends are spread. All else equal, this supports earnings per share (EPS) and helps underpin the dividend per share, both important drivers for income‑focused investors.
Signal of management confidence
The willingness to commit over £1bn to repurchases in 2025, in addition to a high cash dividend, suggests management believes the shares still offer value despite a 40+% 12‑month move. ^[13]
Offsetting regulatory and volume pressures
BAT and its peers face declining cigarette volumes and increasing regulation, particularly in the US and in emerging markets. Buybacks are one lever the group uses to support shareholder returns even in a low‑growth environment. ^[14]

For short‑term traders, the daily buyback flow can also provide technical support on down days, though it does not eliminate broader market or regulatory risk.

Other British American Tobacco news dated 21 November 2025

Several additional news items around BAT or its securities hit the wires today, alongside the London RNS:

Auto‑generated coverage of the buyback

TipRanks’ UK newsfeed published a brief update titled “British American Tobacco Executes Share Buyback”, summarising today’s announcement. The piece reiterates that BAT repurchased 129,180 shares from Goldman Sachs International, intends to cancel them, and highlights that the stock carries a Neutral AI‑driven score with a recent analyst price target around £46 for BATS.L. ^[15]

This type of coverage mainly repackages the RNS but increases the visibility of the buyback across international investor platforms.

US ADR flows: Bank of New York Mellon trims BTI stake

On the US side, MarketBeat reports that Bank of New York Mellon Corp reduced its holdings in BAT’s NYSE‑listed American Depositary Receipts (ticker: BTI) by about 4.4% in Q2, selling roughly 8,548 shares and ending the period with around 184,744 shares valued at approximately $8.7m. ^[16]

The same article notes that:

The current analyst consensus on BTI is effectively a Hold, with a mix of Buy, Hold and Sell ratings
The average Wall Street target price sits near $51 per ADR, versus a recent opening price quoted around $54–55 ^[17]

While this SEC‑filing‑based story relates to the US ADR rather than the UK line, major institutional moves in BTI can influence sentiment for BATS.L, given both securities represent economic exposure to the same company.

Fundamental backdrop: growth target nudged up, buybacks increased

Investors looking at today’s modest share price move in context will remember that 2025 has already brought several important fundamental updates:

In June 2025, BAT raised its annual sales growth target to 1–2%, citing better‑than‑expected revenue trends and improving US performance. It also increased its 2025 share repurchase target to £1.1bn. ^[18]
The company continues to push its “New Categories” portfolio (vapes, heated tobacco and modern oral products), although management has described growth here as low‑single‑digit in the first half, constrained by competition from illicit and unregulated products. ^[19]

On the income side:

Hargreaves Lansdown data show an annual dividend of about 235–240p per share in recent years, with quarterly payments (most recently 60.06p per share for Q3 2025). ^[20]
At today’s share price, that equates to a forward dividend yield of roughly 5.6–5.8% on the London line. ^[21]

For many investors, this high and historically reliable dividend remains the central part of the BAT investment case, particularly in comparison with lower‑yielding growth stocks.

Valuation and performance: a strong year for BATS

Despite lingering scepticism among some analysts, 2025 has been a good year for BAT shareholders:

1‑year total share price gain: around +43% on the London line, according to HL performance data. ^[22]
Five‑year performance: still more modest (around +50%) as the stock is climbing back from prior weakness. ^[23]

On valuation metrics, Hargreaves Lansdown quotes a price/earnings ratio around 11–12 times current‑year earnings for BATS, using its preferred adjusted EPS figures. ^[24]

That combination of mid‑teens earnings multiple, mid‑single‑digit sales growth and a near 6% dividend yield helps explain why several recent commentaries – including analyst and blogger pieces over the last week – have focused on whether BAT’s re‑rating still has further to run or is starting to look fully valued. ^[25]

Regulatory and ESG risks still loom large

While the share price has been strong, recent headlines underline that BAT remains exposed to significant regulatory and reputational risks, which long‑term investors must factor in.

US vape crackdown

In late October 2025, an exclusive report detailed how BAT paused a planned pilot launch of an unlicensed disposable Vuse One vape product in the United States, after the US Food and Drug Administration (FDA) accelerated enforcement against unauthorised e‑cigarettes. ^[26]

Key points from that story include:

BAT’s Reynolds American unit has postponed the pilot following an FDA warning that selling new nicotine products without authorisation is unlawful.
The move illustrates the difficult balance big tobacco companies face between competing with unregulated, often flavoured vapes and staying within strict regulatory frameworks. ^[27]

For investors, the takeaway is that the growth trajectory of BAT’s “New Categories” remains vulnerable to regulatory shifts, even as the group recycles cash into buybacks and dividends.

Lobbying controversy in Zambia

On 13 November 2025, a detailed investigation reported that BAT’s Zambian subsidiary had lobbied government ministers to water down proposed tobacco control measures, including ad bans, larger graphic health warnings and restrictions on flavoured products. ^[28]

The article:

Accuses the company of “utter hypocrisy” for opposing rules in Zambia that are already in force in the UK
Describes efforts to reduce the proposed size of health warnings and narrow the scope of flavour bans
Highlights broader concerns about industry interference in health policy, particularly in lower‑income countries ^[29]

Such ESG‑related stories can influence how institutional investors assess BAT’s sustainability profile, even if they do not have an immediate, quantifiable earnings impact.

Global operating news: pricing power in emerging markets

Beyond today’s London RNS, there are also region‑specific developments in BAT’s operating companies:

In Malaysia, BAT’s local unit has announced price increases on several cigarette brands effective 21 November 2025, with local media listing higher retail prices for well‑known names such as Dunhill and Benson & Hedges. ^[30]
In Nigeria, BAT Nigeria has recently been recognised by local authorities for contributing hundreds of millions of dollars in export revenues and supporting the manufacturing sector, according to domestic media reports. ^[31]

Price hikes in regulated markets can help offset volume decline and tax headwinds, but they also risk further encouraging illicit trade and raising the political profile of tobacco regulation — something the company is already dealing with in Africa and elsewhere.

Company profile: a global tobacco and nicotine powerhouse

For context, British American Tobacco is: ^[32]

A FTSE 100 constituent headquartered in London
One of the world’s largest tobacco groups by revenue, with operations in around 180 countries
Owner of cigarette brands such as Dunhill, Lucky Strike, Kent, Pall Mall and Rothmans
The company behind Vuse (vapes), glo (heated tobacco) and Velo (nicotine pouches), key to its “A Better Tomorrow” transition narrative

Recent board changes include the appointment of Matthew Wright as an independent Non‑Executive Director from 1 November 2025, bringing additional expertise in leadership and organisational transformation. ^[33]

What to watch next for the BATS share price

Looking beyond today’s small move, investors and traders will be watching several near‑term catalysts that could influence the British American Tobacco share price:

Ongoing daily buyback announcements
Additional “Transaction in Own Shares” RNS updates are likely as the 2025 repurchase programme continues, giving a steady demand backdrop for the shares. ^[34]
Next ex‑dividend date and payout
DividendData and other sources indicate that the next ex‑dividend date for BATS is 29 December 2025, with payment scheduled for 4 February 2026. Investors buying after the ex‑date will not receive that instalment. ^[35]
Regulatory news flow
Any further updates on US FDA enforcement, vape regulation in Canada and the EU, or tobacco control legislation in key emerging markets (such as Zambia) could affect sentiment quickly. ^[36]
Macro and FTSE 100 moves
As a large defensive constituent of the FTSE 100, BATS often trades in tandem with broader market risk appetite, bond yields and sterling moves.

For now, 21 November 2025 ends with British American Tobacco’s UK shares holding comfortably above 4,180p, supported by a substantial buyback programme and a generous dividend, even as the company navigates complex regulatory and ESG terrain.

Important notice

This article is for information and news purposes only and does not constitute investment advice or a recommendation to buy, sell or hold any security. Share prices, dividends and yields can go down as well as up, and past performance is not a guide to future returns. If you’re unsure about any investment, consider seeking advice from a qualified financial adviser.

Warren Buffett: Don't Invest In Tobacco Stocks