3 Top Dividend Stocks to Buy Right Now
In a time of market turbulence, it always helps to have some good defensive dividend stocks in a portfolio. Defensive stocks are those that are relatively insensitive to the state of the economy. They are steady performers that usually have products or services that are necessities. Here are a few names that can help reduce the daily volatility of your portfolio and lead it to calmer waters.
3M (NYSE: MMM) is on the front lines in the fight against COVID-19. The company is ramping up production of N95 masks and other equipment to help meet the demand from health workers. While there have been complaints of price gouging regarding the N95 respirators, the issue is with the resellers that 3M deals with, not 3M.
Aside from respirators, 3M manufactures various other health products, adhesives, adhesive tape, sandpaper, and electrical supplies. Last year, it earned $7.81 per share. Its dividend of $5.76 gives it a yield of 4.4%. While many of 3M's products are industrial-focused and therefore cyclical, the health division accounted for 30% of operating income last year. The stock is down about 24% year to date.
Source Fool.com
