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Ameen Stinson
Ameen Stinson

Dividend Stocks To Buy Now

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Dividend Stocks To Buy Now

The stock market is off to a good start this year. There are some signs of life, particularly in the industries that were hardest hit in 2022. That said, plenty of economic uncertainty remains. The Federal Reserve has more work left to go in its ongoing fight against inflation. Meanwhile, geopolitical concerns continue to present meaningful risk to the markets. A potential standoff over the government's debt ceiling is also approaching. With these concerning factors, investors are looking for quality dividend stocks to provide income regardless of where the market goes in the near term. These 15 dividend stocks have improving prospects for 2023 despite the current economic jitters, and they all yield at least 3%.

BP is one of Europe's large integrated energy companies. The firm has been a leading player in the oil and gas industry dating back to the early 1900s. In recent years, BP has been one of quickest movers in transitioning its business model toward more low-carbon energy generation sources. However, management seems to be having some doubts on that front. A recent Wall Street Journal report noted that BP plans to trim its green energy investments. Investors may appreciate that move, as it will allow the company to return more cash to current shareholders. That, in turn, is good news for dividend investors. BP just announced a 10% increase to its dividend and is also buying back mountains of stock right now. In addition, BP shares are going for just six times forward earnings, making shares a value buy.

Focusing on companies with long track records of stable profits and cash flows can be a great answer. Companies that successfully navigated past economic crises are more likely to prosper through future volatility, as well. Diversifying across sectors and industries also helps to ensure that an investor will receive steady and rising dividends in the years to come.

Medtronic, with its broad product line, will be a natural beneficiary as demand for life-sustaining devices increases. Medtronic shares sold off in recent years due to industry disruptions during the pandemic and ensuing supply-chain problems. As these issues clear up, shares should recover. The firm also has an enviable dividend growth track record, having increased its payout 46 years in a row.

Up until 2008, conservative investors tended to rely on the financial sector to provide a large portion of their dividend income. The 2008 financial crisis changed things in that regard. But banks and insurance companies remain some of the biggest sources of income in the S&P 500, so investors should think twice before dismissing the whole category.

When in doubt, large financials with shrewd management teams tend to be the best options. JPMorgan Chase scores highly in both categories. The firm navigated 2008 with excellence and made it through the COVID-19 shock without any major damage. And now, the current banking crisis is causing deposits to flee smaller regional banks while running to the likes of JPMorgan Chase for safekeeping. Long story short, JPMorgan Chase is likely to gain more business, and thus more profitability, due to the current industry shake-up. And, in the broader picture, JPMorgan Chase remains highly profitable and set for dividend increases in the years to come.

Verizon, and other telecom stocks, have slumped in recent years amid a heavy investment cycle in 5G and other costly infrastructure assets. However, these should start to bear fruit in coming years, leading to a rise in profitability while ensuring the safety of Verizon's dividend for many years to come.

The company's products appeal to a wide range of consumers across various income and demographic groups. Additionally, management has been aggressive in adding new brands to the portfolio to keep its offerings on trend. Hormel is also controlled by the Hormel Foundation, and this keeps management focused on growing the company's dividend over the long-t


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