10 Unstoppable Dividend Stocks to Buy

8. Garmin Ltd. (NYSE:GRMN)

Year-to-Date Return as of September 9: 44.6%

Garmin Ltd. (NYSE:GRMN) is a multinational tech company that mainly specializes in GPS technology. The company stands out among its competitors due to its advanced technologies and the integration of artificial intelligence (AI) for personalized training plans and workouts. It has also gained from the continuous expansion of its product offerings. Since the start of 2024, the stock has gained nearly 45% and in the past 12 months, it returned over 73%. It is among the best unstoppable stocks that pay dividends.

As a dividend payer, Garmin Ltd. (NYSE:GRMN) reported a strong cash position in the second quarter of 2024. The company’s operating cash flow for the quarter came in at $255 million and its free cash flow amounted to $218 million. Its revenue was $1.5 billion, which showed a 14% growth from the same period last year. The revenue growth was driven by its innovative product range and robust, diversified business model. The company expressed satisfaction with its 2024 performance to date, which has surpassed expectations, leading to an upward revision of its full-year revenue and EPS guidance.

Diamond Hill Capital mentioned Garmin Ltd. (NYSE:GRMN) in its Q4 2023 investor letter. Here is what the firm has to say:

“Other bottom contributors included our short positions in Garmin Ltd. (NYSE:GRMN) and International Business Machines (IBM), as well as our long position in Chevron. Outdoor fitness and adventure equipment maker Garmin benefited from strong growth in its fitness and auto original equipment manufacturer segments. Over the long term, we believe the company’s high-end wearables products will face significant competition from competitors like Apple and Samsung.”

Garmin Ltd. (NYSE:GRMN) currently offers a quarterly dividend of $0.75 per share. It has always remained committed to its shareholder obligation as the company paid $144 million to investors through dividends in the most recent quarter. The stock supports a dividend yield of 1.64%, as of September 9.

Garmin Ltd. (NYSE:GRMN) was popular among elite funds in Q2 2024 as hedge fund positions in the company grew to 31 during the quarter, from 24 in the previous quarter, as per Insider Monkey’s database. The stakes owned by these funds have a collective value of over $801.2 million. With over 2 million shares, Select Equity Group was the company’s largest stakeholder in Q2.