Want Steady Passive Income? Add This Dividend King to Your Portfolio

Inflation accelerated last month to 8.6% year over year, which was the highest reading since December 1981. This has many investors concerned about the economy, and prompted the Federal Reserve to hike interest rates by 0.75 percentage points recently -- the biggest interest rate hike since November 1994.

One company whose iconic brands have allowed it to solidly navigate this high-inflation environment is the Dividend King Procter & Gamble (NYSE: PG). Let's dig into the stock's fundamentals and valuation to find out why it's a great buy for investors looking to grow their passive income.

Procter & Gamble (P&G) posted $19.4 billion in net sales in its third quarter for the period ended March 31, which equates to a 7% growth rate over the year-ago period. This easily tops analysts' $18.7 billion net sales forecast for the quarter. So, how did P&G beat analysts' net sales consensus for the eighth quarter out of the last 10?

Source Fool.com