Dividend Stock Portfolio For Income: Top 10 Stocks to Buy

6. Lowe’s Companies, Inc. (NYSE:LOW)

Number of Hedge Fund Holders: 70

Lowe’s Companies, Inc. (NYSE:LOW) is an American home improvement company, headquartered in North Carolina. The company is well-positioned due to three key factors driving its business: increasing home prices, personal income growth surpassing inflation, and the record-high average age of homes in the US. These trends are expected to support ongoing demand for the company’s products, as homeowners are likely to continue prioritizing home improvements and repairs. In the past 12 months, the stock has surged by nearly 5%.

Lowe’s Companies, Inc. (NYSE:LOW) offers a wide range of products and services, including hardware, tools, appliances, building materials, paint, plumbing supplies, and garden equipment. In January, the company announced that nominations are now open for Lowe’s Hometowns, a five-year initiative with a $100 million commitment to community revitalization. This year, the company plans to allocate $10 million to support 100 renovation projects, along with an additional 1,700 projects chosen by its employees. Furthermore, it has pledged $2 million to aid relief and recovery efforts for the Southern California wildfires, emphasizing its commitment to community support during crises.

Lowe’s Companies, Inc. (NYSE:LOW) has also built a strong reputation as a reliable dividend stock. Over the past five years, it has increased its dividend at an average annual rate exceeding 16%. With a track record of 59 consecutive years of dividend growth, it is one of the best additions to a dividend stock portfolio. The company’s quarterly dividend comes in at $1.15 per share and has a dividend yield of 1.9%, as of February 25.