Three of the highest-yielding dividend stocks on the S&P 500 have found themselves in dangerous crosshairs yet again. On Wednesday, the nation's second largest pharmacy chain, CVS Caremark , announced its decision to stop selling tobacco products by the beginning of October. The move served as a direct affront to the nation's largest tobacco companies, Reynolds American, Altria, and Lorillard.
"The significant action we're taking today by removing tobacco products from our retail shelves further distinguishes us in how we are serving our patients, clients, and health care providers and better positions us for continued growth in the evolving health care marketplace," said CVS's president and chief executive officer, Larry Merlo. To be fair, the move isn't likely to have an immediate impact on Reynolds, Altria, or Lorillard. According to an analysis by The Wall Street Journal, drugstores like CVS accounted for only 4% of cigarette sales in 2012.
Source: Daily Finance
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