1 Top Dividend Stock to Buy for 2024 and Beyond
With the S 500 surging higher in 2023, it's becoming difficult to find good dividend-paying companies still trading at attractive valuations. But there are some. For the most part, however, investors will need to look beyond tech to find them. After all, the tech-heavy Nasdaq Composite has soared 25% this year as tech stocks left many other sectors in the dust.
For those willing to venture beyond tech to find a good dividend stock, look no further than rural lifestyle retailer Tractor Supply (NASDAQ: TSCO). As the market marched higher this year, this company's shares slid nearly 7%. This sell-off is a great buying opportunity for investors looking to own a market-leading company with a fast-growing dividend.
It's not surprising that the rural lifestyle retailer's stock has taken a hit this year. Going into the year, management guided for comparable store sales to grow at a rate of between 3.5% and 5.5%. But as the year went on, a combination of challenging weather and a shift in the way consumers are spending money has caused the company to repeatedly lower this outlook. As of late October, management was now guiding for full-year comparable store sales to be flat compared to 2022.
Source Fool.com
