With four weeks of October under our collective belts it was getting time for me to pull the trigger on my monthly dividend stock buy. As I always say, there is never a perfect time to buy. You just have to look at your portfolio, see what’s missing or needs to be bulked up, look for good relative value and a safe yield and just go for it. Too often we try to “out think” the market as if we, or anyone else for that matter, has a clue as to what will happen in the near term. I’m perfectly content making my monthly buys knowing full well we’ll see the market continue to rise for many more years or fall dramatically within days. As long as my passive income keeps rising on an annual basis it does not matter to me. With that being said:
I have added to my taxable account 26.5723 shares at $30.11 for a total investment of $800.09 in Hormel Foods Corporation (HRL). With this recent purchase my taxable account holdings in HRL now totals 86.5618 shares with a market value of $2,629.75. I also hold 9.0 shares of HRL in my ROTH account with a market value of $273.33.
Of course, this stock purchase shouldn’t really be a surprise to most as it has been a very popular name as of late. The shares continue to look weak driving up HRL’s yield to historically high levels and there still appears to be sufficient cash flow to cover the dividend. In my book, that’s a buy. While HRL has been an active name among our dividend income community, I cannot help but think of several other names that continue to look attractive as this market continues its melt up. Names like Cardinal Health, Inc. (CAH), General Mills, Inc. (GIS), General Electric Company (GE) and HCP, Inc. (HCP) among others. Clearly, there are many names being left behind this rally.
What do you think about my recent buy? Have you been buying in October as well? Please let me know below.
Disclosure: Long HRL, CAH, GIS, GE, HCP