British American Tobacco (NYSE: BTI) owns cigarette brands you likely know even if you don't smoke, including Camel, Newport, and Lucky Strike. Having recognizable brands is clearly a good thing, but that has to be juxtaposed against the longer-term shift away from smoking that has been taking place. While the company is working to adjust with the times, investors shouldn't overlook the risk of a declining cigarette business.

The one thing that most British American Tobacco investors are likely focusing on is the stock's huge 9.4% dividend yield. There's no question that it is attractive, given that the yield on the S&P 500 index is closer to 1.5%. However, a yield that high should be looked at with at least a little skepticism. The big question, obviously, is why so high?

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Source Fool.com