5 Recession-Proof Dividend Stocks to Buy

1. Leggett & Platt, Incorporated (NYSE:LEG)

Dividend Yield as of May 23: 4.76%
Number of Hedge Fund Holders: 21

Leggett & Platt, Incorporated (NYSE:LEG) is an American manufacturing company that designs and produces various home and automobile-related products. In Q1 2022, the company posted an EPS of $0.79, beating analysts’ consensus by $0.23. The company proved its strength during the period of financial uncertainty, as its EPS grew by 14% annually between 2009 and 2019.

In May, the company announced a 5% increase in its annual dividend to $0.44 per share, with a dividend yield of 4.76%, as recorded on May 23. This was the company’s 51^st consecutive annual dividend increase. Moreover, Leggett & Platt, Incorporated (NYSE:LEG) has increased its dividend at a CAGR of 7% since 1999, making it one of the best recession-proof dividend stocks. This April, Piper Sandler set a $38 price target on Leggett & Platt, Incorporated (NYSE:LEG), with a Neutral rating on the shares.

According to Insider Monkey’s Q4 2021 database, 21 hedge funds held stakes in Leggett & Platt, Incorporated (NYSE:LEG), up from 16 in the previous quarter. The collective value of these stakes is over $136.7 million, compared to $56.1 million in Q3 2021.

You can also take a look at 10 Value Stocks Hedge Funds Like in 2022 and 10 Dividend Stocks Warren Buffett is Backing in 2022.

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