1 Dividend Growth Stock Down 35% to Buy Right Now
Wall Street loves a good story, on both the positive and negative sides. Right now, unfortunately, the story for Hormel Foods (NYSE: HRL) is a bad one. Which is why the stock has fallen roughly 35% from its 2022 high-water mark.
While the food maker is facing very real headwinds, it is highly likely that it will muddle through and continue to reward investors with strong dividend growth over time. Here's what you need to know and why you should probably buy the stock today.
Over the past decade, Hormel has increased its dividend at an annualized rate of roughly 12%. That's a pretty impressive number for a company in the consumer staples sector -- a category known for being slow growth but reliable. But its more recent dividend increases have been much less impressive.
Source Fool.com
