If you are looking for passive income, it is time to dig into best dividend stocks that have a solid record of never disappointing investors.
This hasn’t been a great year for the stock market. Right from Russia’s invasion of Ukraine to the inflation crisis, stocks have rallied as the year ended in the hope of a better 2023. There remains the risk of recession in 2023 but some sectors do appear attractive.
Smart investors know that taking a position in dividend stocks now can help generate consistent income even during a recession. With that in mind, here are our top three dividend stocks that are positioned to perform well in 2023 and beyond.
|PG||Procter & Gamble||$150.40|
Procter & Gamble (PG)
Procter & Gamble (NYSE:PG) is a consumer packaged goods giant that has always performed better than others.
PG stock is down 8% year to date but it is still doing better than the S&P 500 which has fallen more in the same period. Since the company pays a consistent dividend, the stock becomes even more attractive.
One solid reason to hold on to PG stock is that it operates in the consumer goods industry. This means the business will continue to do well no matter the market conditions.
It paid a dividend of $3.61 for each share of stock in 2022 despite the drop in stock value. P&G is one company that performs well in every weather and no matter what happens in 2023, you will receive dividend income from them. It remains one of the best dividend stocks to invest in.
Chevron (NYSE:CVX) has been one of the top-performing stocks of 2022.
Several macroeconomic factors have played a huge role in the success of the company and the volatile energy prices have benefitted the oil and gas sector. CVX stock stood at $103 at the beginning of 2022 and is currently exchanging hands at $180. It is up by 48% over the year.
The company is making the right moves at the right time. It is investing billions into greener technologies that will help the business grow in the future when the world moves towards sustainable alternatives. It recently announced a joint venture with Baseload Capital to develop geothermal projects in the U.S.
If you love your Big Mac, it is time to put your money on McDonald’s (NYSE:MCD) stock.
This is the time of the year to be with your family and make merry and it is expected that McDonald’s will report strong numbers after the holiday season. With a dividend yield of 2.28%, the Golden Arches has enjoyed 45 years of consecutive dividend increases. This is a status that the management will not want to lose.
MCD stock has outperformed the global market and is up by 11% over the past six months. It is a highly reliable stock that has many loyal customers and the company has managed to perform well in good times and bad.
The company has also managed to raise prices without losing its customers. This shows that the customer base is loyal and very strong.
MCD continues to attract new customers through promotional offers. So, even if consumers are worried about the high interest and looming recession, some McDonald’s deals will continue to appeal to them. This is one dividend stock to add to your portfolio before 2023.