5 Best Dividend Growth Stocks to Buy Now

1. Target Corporation (NYSE:TGT)

Years of Consistent Dividend Growth: 51
5-Year Compound Average Dividend Growth Rate: 14.96%

An American big-box store company, Target Corporation (NYSE:TGT) has been making uninterrupted dividend payments since its IPO in 1967. The company maintains a 51-year streak of consistent dividend growth and has raised its payouts at a CAGR of 14.96% in the past five years. Its current quarterly dividend stood at $1.08 per share, with a dividend yield of 2.83%, as recorded on September 25.

In September, KeyBanc initiated its coverage of Target Corporation (NYSE:TGT) with an Overweight rating and a $200 price target, highlighting the company’s defensive growth, market share gains, and margin recovery to normal levels after the pandemic of 2020.

As per Insider Monkey’s Q2 2022 database, 46 hedge funds reported owning stakes in Target Corporation (NYSE:TGT), compared with 50 in the previous quarter. These stakes hold a combined value of over $1.2 billion.

LRT Capital Management mentioned Target Corporation (NYSE:TGT) in its Q2 2022 investor letter. Here is what the firm has to say:

“The Target Corporation (NYSE:TGT) operates retail stores that sell a variety of merchandise ranging from necessities such as food and hygiene products to discretionary products like children’s toys and electronics. The sale of this merchandise is done primarily through physical retail locations in all 50 US states. However, Target also sells its merchandise digitally through its online website which delivers merchandise to its customers in three ways: order pickup, drive up, and “Shipt”. The Target Corporation operates a single segment through 1,926 physical stores. (Click to view the full text)

You can also take a look at 10 High-Yield Monthly Dividend Stocks to Buy in September and 10 Dividend Aristocrats Under $60 You Can Buy in September

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