London, February 24, 2026, 08:28 GMT — Regular session
- BAT shares nudged up in early London trading, sticking near their recent peaks.
- The company revealed it had bought back another modest batch of shares as part of its ongoing repurchase program.
- Analysts remain divided, with investors eyeing both a March U.S. vape import decision and the upcoming dividend schedule.
British American Tobacco p.l.c. BATS.L added 0.1% to 4,600 pence as of 0825 GMT, edging up from Monday’s close at 4,597 and staying close to its 52-week peak at 4,646.
Right now, BAT is leaning on its cash returns to shareholders. The dividend yield stands around 5.2%. Next up: the quarterly payout goes ex-dividend March 26, so only holders before then get the check, which lands May 7.
But the real wild card is the U.S., where BAT faces a deluge of unauthorized disposable vapes. Chief executive Tadeu Marroco told Reuters on Feb. 12 that an import ban could slash illegal e-cigarette sales by around a third. BAT is looking for a final ruling from the U.S. International Trade Commission in March, then a 60-day review by the president.
BAT disclosed Monday that it repurchased 94,469 shares on Feb. 20, paying a volume-weighted average price of 4,551.7968 pence per share. These shares are set for cancellation. After the move, BAT’s outstanding shares—excluding treasury stock—will stand at 2,175,109,609, with another 132,976,327 shares remaining in treasury.
Analysts landed all over the place. James Edwardes Jones at RBC stuck to his “Underperform” call and left his 3,600 pence target unchanged, citing sluggish momentum in BAT’s next-generation products. He also flagged the company’s mid-term revenue growth target of 3%-5% as overly optimistic. finanzen.net
Goldman Sachs’ Richard Felton kept his neutral rating and nudged his price target down to 4,500 pence from 4,550, according to MarketScreener.
BAT stuck to its 2026 targets last week, projecting results at the low end of its constant-currency bands—these exclude currency fluctuation effects. That means revenue growth between 3% and 5%, adjusted operating profit growth in the 4% to 6% range, and 5% to 8% growth for adjusted diluted EPS.
During its Feb. 12 update, BAT pointed to an AI-driven efficiency push expected to bring job losses as part of plans to streamline and automate operations. “It will have an impact on the size of the organisation,” interim CFO Javed Iqbal said. CEO Marroco, meanwhile, called the company “extremely encouraged” by the progress of Velo nicotine pouches in the U.S. market. Reuters
Still, the buyback announcements barely register compared to the looming regulatory threats. If the ITC decision disappoints, enforcement drags, or another price fight erupts in nicotine pouches, the investment thesis could unravel quickly—even with dividends and repurchases doing most of the work.
Traders are eyeing additional buyback news, along with fresh clues on the ITC timeline as March nears, and the March 26 ex-dividend date. For BAT, those events stand out as the next likely catalysts for a stock that’s hovered near its highs with little excitement so far.
