British American Tobacco (BATS) Share Price Today: Buyback Update, JP Morgan Target Hike and Dividend Focus

British American Tobacco p.l.c. (LSE: BATS; NYSE: BTI) stayed firmly in the market spotlight on Wednesday, 26 November 2025, as fresh buyback disclosures, a higher analyst price target and ongoing dividend chatter kept the FTSE 100 tobacco giant on income investors’ radar.

Share price today: BATS closed around 4,334p on the London Stock Exchange, up roughly 0.5% on the day, after a 2.8% jump on Tuesday took the stock to multi‑month highs. ^[1]
New buyback disclosure: The company confirmed another 130,000 shares repurchased on 25 November 2025 for cancellation under its ongoing buyback programme, following a similar 130,000‑share purchase on 24 November. ^[2]
Analyst and media backdrop:JP Morgan lifted its price target to 4,150p while keeping a Neutral rating, and fresh personal‑finance articles again highlight British American Tobacco as a high‑yield FTSE 100 dividend stock with an implied yield around 5.6%. ^[3]

BATS share price today: rally continues after sharp Tuesday move

After Tuesday’s surge, British American Tobacco shares added modest gains on Wednesday:

Wednesday 26 November: UK broker Hargreaves Lansdown quotes BATS sell at 4,334p, buy at 4,335p, showing a daily rise of about 0.5%, with prices taken at the close and delayed at least 15 minutes. ^[4]
Tuesday 25 November: Market data from Investing.com show BATS jumped around 2.8%, with the share price trading in the low‑4,300p region and volume noticeably higher than average. ^[5]

A detailed share‑price recap published today by TS2.tech notes that the 25 November 2025 rally was driven by a combination of:

accelerating buybacks,
a strengthening dividend and cash‑flow story, and
a strong run‑up in 2025 that’s left the shares roughly 50%+ higher than a year ago. TS2 Tech+1

In New York, the US‑listed ADR BTI also showed strong momentum in the latest session. An AI‑driven technical note from AInvest highlights a 3.43% gain to $56.66 on 25 November, underpinned by bullish candlestick patterns, a “golden cross” of short‑ and long‑term moving averages, and rising trading volumes – albeit with overbought momentum indicators hinting at the risk of a short‑term pullback. ^[6]

New “Transaction in Own Shares” RNS: another 130,000 shares bought back

The most concrete corporate news today is another update on British American Tobacco’s share repurchase programme.

A JSE Stock Exchange News Service (SENS) announcement dated 26 November 2025 confirms that the company: ^[7]

Purchased 130,000 ordinary shares of 25p each
On 25 November 2025
At prices between 4,184p (low) and 4,317p (high)
With a volume‑weighted average price (VWAP) of 4,252.24p
And intends to cancel all of these shares

This comes on top of another 130,000‑share buyback executed on 24 November 2025, detailed in a London Stock Exchange RNS summarised by Investegate. That earlier disclosure notes: ^[8]

130,000 shares repurchased at a VWAP of 4,239.18p,
With the highest price at 4,270p and the lowest at 4,209p, and
A resulting issued share count of 2,182,075,365 shares, of which 132,998,061 are held in treasury.

A short automated piece from TipRanks, also published today, frames the latest 130,000‑share transaction squarely as part of BAT’s strategy to “enhance shareholder value” via buybacks and ultimately reduce the number of shares among which its earnings and dividends are split. ^[9]

Why it matters:

At current prices just above 4,300p, each 130,000‑share tranche represents roughly £5.5–5.6m being returned to shareholders via buybacks.
Repeated purchases of this size, day after day, can quietly exert support under the share price and help drive earnings per share (EPS) growth, even if operating profit is only rising modestly.
With bond yields easing off their 2023–2024 peaks, many investors see the combination of high cash yield + regular buybacks as a powerful draw.

JP Morgan lifts target to 4,150p but stays “Neutral”

On the analyst side, JP Morgan updated its stance on British American Tobacco today. In a note summarised by MarketScreener and dpa‑AFX, the bank: ^[10]

Reaffirmed a Neutral (hold‑type) rating
Raised its price target from 3,300p to 4,150p

That new target sits slightly below today’s market price, which helps explain why the firm has not moved to a bullish recommendation despite the company’s stronger share‑price performance and capital‑return policy.

The move suggests JP Morgan:

Acknowledges the valuation re‑rating after a year in which the shares have climbed more than 50%, according to recent performance analysis on Yahoo Finance. ^[11]
Sees less obvious upside from here unless earnings growth or de‑risking (for example, in US regulation) surprises positively.

For investors, the message from JP Morgan is essentially: the easy value opportunity may have passed, but the investment case still stacks up at the right price.

Dividend story: a ~5.6% FTSE 100 yield remains in the spotlight

Away from formal broker research, British American Tobacco continues to loom large in UK retail‑investor content aimed at passive income seekers.

A fresh article on The Motley Fool UK, syndicated via Yahoo Finance under the headline “This FTSE 100 dividend stock yields 5.6% – could it be the safest passive income play in December?”, discusses a high‑yield blue‑chip and explicitly references British American Tobacco and Aviva among the income names under consideration. ^[12]

Combined with earlier Motley Fool pieces that use BAT as an example dividend stock when modelling ISA income, the coverage underlines three key points: ^[13]

Yield remains attractive – commentary pegs the prospective dividend yield around 5.5–5.6% at current prices, even after the 2025 share‑price rally.
Quarterly payments add appeal – as a quarterly payer, BAT offers smoother cash‑flow for income investors than typical UK semi‑annual dividends.
Payout looks covered, but not risk‑free – writers repeatedly flag regulatory risk, ongoing litigation and declining combustible‑cigarette volumes as reasons not to treat BAT as a “risk‑free bond substitute”, despite the high yield.

In other words, the market narrative has shifted from “distressed value” in late 2023/early 2024 towards “solid but still controversial income stock” in late 2025.

Ex‑BAT strategy chief to lead cannabis group Organigram

Today also brought a notable management‑talent move linked to BAT, even though it involves another company’s C‑suite.

Canadian cannabis producer Organigram Global has appointed James Yamanaka, formerly Global Head of Strategy at British American Tobacco, as its new Chief Executive Officer, effective around 15 January 2026. ^[14]

According to industry publication 2Firsts, Yamanaka:

Spent more than 20 years at BAT,
Held senior strategic and general‑management roles across Europe and Asia, and
Has extensive experience in value‑driven strategy, operational transformation and commercial execution. ^[15]

Why investors care:

The move shows how BAT’s “New Categories” expertise – vapes, heated tobacco and oral nicotine – is valued across adjacent industries, including cannabis and wellness.
It subtly reinforces the idea that BAT’s long‑term growth story hinges on its ability to pivot away from traditional cigarettes and monetise lower‑risk nicotine products and adjacent categories.

Broader regulatory and ESG backdrop: Malaysia taxes, US vape pause, CFO change

While not all of these items hit the tape today, they form an important backdrop to how investors interpret the latest buyback and share‑price moves.

Malaysia: higher excise duties and price hikes

On 18 November 2025, BAT’s Malaysian subsidiary announced it would raise cigarette prices from 21 November following a long‑awaited increase in excise duties under Malaysia’s Budget 2026. ^[16]

New retail prices will range from RM12.40 to RM18.40 per pack, depending on brand and variant.
BAT Malaysia’s management said the government’s moderate excise increase is preferable to sharp hikes that could further expand the already large illicit‑tobacco market, estimated at around 54% of total consumption. ^[17]

For the group, this underlines a familiar pattern: emerging‑market volume and revenue growth can be offset by tax and regulatory pressure, something long‑term investors must price in.

United States: vape rollout suspended

In October, British American Tobacco suspended a planned expansion of its US vaping products following intensified regulatory scrutiny, according to Yahoo Finance reporting. ^[18]

That decision:

Illustrates the regulatory uncertainty that still haunts the US reduced‑risk nicotine market.
May slow near‑term growth in New Category revenue, even as the company is betting heavily on vapes and oral nicotine as its long‑term growth drivers.

Leadership: CFO steps down, interim finance chief in place

On the governance front, CFO Soraya Benchikh stepped down abruptly in August 2025, after about 15 months in the role. BAT’s director of digital and information, Javed Iqbal, returned as interim CFO, with a search under way for a permanent replacement. ^[19]

CFO Dive’s coverage notes that the change came shortly after BAT’s half‑year results, which showed: ^[20]

New Categories revenue up in constant‑currency terms,
Smokeless products accounting for over 18% of group revenue, and
Management reaffirming 2025 guidance, targeting revenue growth around the top end of a 1–2% range.

Taken together, these developments paint a picture of a company that is:

Financially solid and still highly cash‑generative,
Deep into a multi‑year product‑mix and regulatory transition, and
Using buybacks and dividends to keep shareholders onside amid the uncertainty.

What investors will be watching after today

With the latest buyback disclosure, price‑target hike and steady share‑price performance, markets now turn to what’s next for British American Tobacco as 2025 draws to a close.

Key things to watch include:

December pre‑close trading update
- Management has already flagged a December update where it will comment on 2025 trading and progress towards 2026 growth ambitions. Investors will look for confirmation that New Categories growth and margin trends remain on track. ^[21]
Pace and scale of 2026 buybacks
- With multiple 130,000‑share tranches disclosed in late November alone, the market will want to see whether BAT maintains or accelerates this daily run‑rate into next year, particularly if cash flows stay robust. ^[22]
Regulation in key markets
- Outcomes of US regulatory consultations on flavoured vapes and nicotine caps,
- Implementation of Malaysia’s new excise regime, and
- The UK government’s evolving stance on the proposed “smoke‑free generation” legislation – all of which could alter growth forecasts and valuation multiples. ^[23]
Appointment of a permanent CFO
- Filling the finance chief role will be an important signal about strategic continuity and the company’s internal bench strength at a time of heightened regulatory and ESG scrutiny. ^[24]

Bottom line

As of 26 November 2025, British American Tobacco remains a high‑yield, cash‑rich FTSE 100 stock whose share price is being actively supported by buybacks, but which still faces non‑trivial regulatory, ESG and execution risks.

The latest buyback disclosure and incrementally more positive analyst target help explain why BATS shares continue to grind higher after an already spectacular year. ^[25]
At the same time, developments in Malaysia’s tax regime, the US vape market and BAT’s own executive suite are reminders that the story is far from risk‑free and remains highly sensitive to policy and leadership shifts. ^[26]

For readers and investors following British American Tobacco (BATS / BTI) through Google News and Discover, today’s takeaway is simple: the capital‑return machine is humming, market sentiment has improved, but the long‑term transition and regulatory battle are very much ongoing.

This article is for information only and does not constitute investment advice. Always do your own research and, if necessary, consult a regulated financial adviser before making investment decisions.