1 Dividend Growth Stock Down 35% to Buy Right Now
It's been tough going lately for Tyson Foods (NYSE: TSN). Over the past year, its shares have declined over 35% -- and are off a painful 45% from their highs in 2022. The business is under a great deal of strain right now and investors are reacting as you might expect. However, chicken, beef, and pork are all cyclical businesses, and Tyson has successfully navigated downturns before.
During Tyson's second-quarter conference call for its fiscal 2023, CEO Donnie King stated that he couldn't "remember a time when our business faced the highly unusual situation that we're currently seeing." The oddity he referenced there was that the chicken, pork, and beef businesses that make up the vast majority of the food maker's revenue were all in the dumps at the same time.
When the company held its third-quarter results call, which showed little improvement, King focused on the changes the company was making to deal with the ongoing headwinds. They notably included closing more meat plants in an effort to reduce costs. But he made sure to note, "We've been through market cycles before, and I'm confident that we have the right strategy, seasoned leadership, and team members in place to emerge stronger from this one."
Source Fool.com
