Thu., September 8th, 2022 | MarketBeat Staff
While COVID-19 was a sucker-punch to the stock market earlier in the year, the stock market is roaring back. The Dow now over 30,000, and the S&P 500 is trading above 3,700. S&P 500 stocks are trading at nearly 23 times their annual earnings, still well above historical norms.
At the same time, interest rates are near all-time lows (and probably dipping even lower). 10-year Treasuries are yielding just over 2%, and collectively S&P 500 stocks are yielding under 2%. Some investors think that it's too challenging to find safe and affordable securities that pay 4%, 5%, and even 6% yields.
Searching for yield isn't easy in an environment where historically high asset prices and stimulus from the Fed have driven down yields. This doesn't leave many options for investors looking for retirement income or a decent dividend yield on their stocks, but there are a handful of cheap dividend stocks to buy that are still yielding 3-6%.
Let's review some of the best cheap dividend stocks in the market today in this slideshow.
#1 - Hanesbrands (NYSE:HBI)
- Share Price
- $8.67
- Dividend Yield
- 7.13%
- Track Record
- 0 Years of Consecutive Dividend Growth
- Payout Ratio
- 45.8%
- Consensus Rating
- Hold
- Consensus Price Target
- $12.73 (46.8% Upside)
Hanesbrands Inc, a consumer goods company, designs, manufactures, sources, and sells a range of basic apparel for men, women, and children. The company operates through three segments: Innerwear, Activewear, and International. It sells men's underwear, women's panties, children's underwear, activewear, and socks, as well as intimate apparel, such as bras and shapewears; home goods; and T-shirts, fleece, performance apparel, sport shirts, performance T-shirts and shorts, sports bras, teamwear, and thermals, as well as licensed logo apparel in collegiate bookstores, mass retailers, and other channels.
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#2 - Compass Minerals International (NYSE:CMP)
- Share Price
- $39.26
- Dividend Yield
- 1.54%
- Track Record
- 0 Years of Consecutive Dividend Growth
- Payout Ratio
- 17.8%
- Consensus Rating
- Hold
- Consensus Price Target
- $58.83 (49.9% Upside)
Compass Minerals International, Inc, produces and sells essential minerals primarily in the United States, Canada, Brazil, the United Kingdom, and internationally. It operates through three segments: Salt, Plant Nutrition North America, and Plant Nutrition South America. The Salt segment offers sodium chloride and magnesium chloride, including rock salt, mechanically and solar evaporated salt, and brine and flake magnesium chloride products; and purchases potassium chloride and calcium chloride to sell as finished products or to blend with salt to produce specialty products.
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#3 - Wells Fargo & Company (NYSE:WFC)
- Share Price
- $45.08
- Dividend Yield
- 2.8%
- Track Record
- 2 Years of Consecutive Dividend Growth
- Payout Ratio
- 23.5%
- Consensus Rating
- Buy
- Consensus Price Target
- $55.32 (22.7% Upside)
Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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- Share Price
- $245.17
- Dividend Yield
- 3.2%
- Track Record
- 11 Years of Consecutive Dividend Growth
- Payout Ratio
- 41.1%
- Consensus Rating
- Hold
- Consensus Price Target
- $245.14 (0.0% Downside)
Amgen Inc discovers, develops, manufactures, and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology, and neuroscience areas. The company's products include Enbrel to treat plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta that reduces the chance of infection due a low white blood cell count in patients cancer; Prolia to treat postmenopausal women with osteoporosis; Xgeva for skeletal-related events prevention; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Aranesp to treat a lower-than-normal number of red blood cells and anemia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; and Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization.
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#5 - Magellan Midstream Partners (NYSE:MMP)
- Share Price
- $50.27
- Dividend Yield
- 8.18%
- Track Record
- 20 Years of Consecutive Dividend Growth
- Payout Ratio
- 87.2%
- Consensus Rating
- Hold
- Consensus Price Target
- $53.50 (6.4% Upside)
Magellan Midstream Partners, L.P. engages in the transportation, storage, and distribution of refined petroleum products and crude oil in the United States. It operates through Refined Products and Crude Oil segments. The company operates refined products pipeline that transports gasoline, diesel fuel, aviation fuel, kerosene, and heating oil to wholesalers, retailers, traders, railroads, airlines, and regional farm cooperatives; and to end markets, including retail gasoline stations, truck stops, farm cooperatives, railroad fueling depots, military bases, and commercial airports.
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- Share Price
- $46.59
- Dividend Yield
- 3.5%
- Track Record
- 12 Years of Consecutive Dividend Growth
- Payout Ratio
- 30.4%
- Consensus Rating
- Buy
- Consensus Price Target
- $57.33 (23.1% Upside)
Pfizer Inc discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers medicines and vaccines in various therapeutic areas, including cardiovascular metabolic and women's health under the Premarin family and Eliquis brands; biologics, small molecules, immunotherapies, and biosimilars under the Ibrance, Xtandi, Sutent, Inlyta, Retacrit, Lorbrena, and Braftovi brands; and sterile injectable and anti-infective medicines, and oral COVID-19 treatment under the Sulperazon, Medrol, Zavicefta, Zithromax, Vfend, Panzyga, and Paxlovid brands.
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#7 - General Electric (NYSE:GE)
- Share Price
- $73.77
- Dividend Yield
- 0.44%
- Track Record
- 0 Years of Consecutive Dividend Growth
- Payout Ratio
- 6.9%
- Consensus Rating
- Buy
- Consensus Price Target
- $99.15 (34.4% Upside)
General Electric Company operates as a high-tech industrial company in Europe, China, Asia, the Americas, the Middle East, and Africa. It operates through four segments: Power, Renewable Energy, Aviation, and Healthcare segments. The Power segment offers gas and steam turbines, full balance of plant, upgrade, and service solutions, as well as data-leveraging software for power generation, industrial, government, and other customers.
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#8 - Enterprise Products Partners (NYSE:EPD)
- Share Price
- $26.41
- Dividend Yield
- 7.24%
- Track Record
- 26 Years of Consecutive Dividend Growth
- Payout Ratio
- 73.4%
- Consensus Rating
- Buy
- Consensus Price Target
- $30.00 (13.6% Upside)
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. The company operates through four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.
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#9 - Emerson Electric (NYSE:EMR)
- Share Price
- $83.05
- Dividend Yield
- 2.53%
- Track Record
- 65 Years of Consecutive Dividend Growth
- Payout Ratio
- 37.9%
- Consensus Rating
- Buy
- Consensus Price Target
- $98.77 (18.9% Upside)
Emerson Electric Co, a technology and engineering company, provides various solutions for customers in industrial, commercial, and residential markets in the Americas, Asia, the Middle East, Africa, and Europe. The company operates through Automation Solutions, and Commercial & Residential Solutions segments.
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#10 - Procter & Gamble (NYSE:PG)
- Share Price
- $137.74
- Dividend Yield
- 2.69%
- Track Record
- 66 Years of Consecutive Dividend Growth
- Payout Ratio
- 61.6%
- Consensus Rating
- Buy
- Consensus Price Target
- $162.93 (18.3% Upside)
The Procter & Gamble Company provides branded consumer packaged goods worldwide. It operates through five segments: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers conditioners, shampoos, styling aids, and treatments under the Head & Shoulders, Herbal Essences, Pantene, and Rejoice brands; and antiperspirants and deodorants, personal cleansing, and skin care products under the Olay, Old Spice, Safeguard, Secret, and SK-II brands.
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