As I'm writing this blog post, it's currently Saturday, November 8th. The high temperature here in Central Wisconsin is set to reach just 37 degrees Fahrenheit later today, which is to be expected for this time of year.
With that aside, I'm just about done with capital deployment for the month. That makes now a good time to look a few weeks ahead to the dividend stocks that are on my radar for December 2025. Let's get into it!
Dividend Stock #1: Meta Platforms (META)
The first stock on my watch list for next month is Meta Platforms. I haven't added to this position since December 2024. As it stands, I'm planning an article for Seeking Alpha on META for early next week. I will link to it upon publication for those who want to read it.
Overall, I like the stock for most of the same reasons that I did about a year ago. I thought the Q3 2025 results demonstrated the power of META's social media ecosystem. Along with the integration of AI (evidenced by its greater ad impressions and average price per ad rate), this is helping it to deliver strong growth to shareholders. META's S&P credit rating remains AA- with a stable outlook, which indicates the company possesses a fortress balance sheet. The 0.3% dividend yield isn't huge, but the payout is well-covered and should have many years of double-digit percentage growth still to come. Putting the buy case over the top is the fact that the $622 share price is well below my fair value estimate near $750 per share.
Dividend Stock #2: Novo Nordisk (NVO)
The next dividend stock on my watch list for December 2025 is Novo Nordisk. The gist of my investment thesis is basically unchanged from my November 2025 Stock Watch List blog post.
NVO's top-notch drug portfolio and pipeline position it to remain a legitimate contender alongside Eli Lilly (LLY) to lead large and growing markets, including obesity and diabetes. This is why I believe NVO is set up for at least high-single-digit annual earnings growth for the foreseeable future. The 3%+ net dividend yield is also secure and in a position to keep growing. NVO's AA S&P credit rating sets it up to execute strategic bolt-on acquisitions to further complement its portfolio. Finally, the stock is trading at a forward 12-month P/E ratio just above 12 from the current $46 share price. For more perspective, that's well below the 10-year average P/E ratio of 27 and my fair value P/E ratio around 20x.
Dividend Stock #3: ONEOK (OKE)
The third dividend stock that I'm watching for next month is ONEOK. Once again, I'd refer interested readers to my November 2025 Stock Watch List blog post for my investment thesis.
Essentially, OKE has what it takes to deliver mid- to high-single-digit annual OCF per share growth over the next several years. The midstream operator is also financially sound, with a BBB S&P credit rating and a stable outlook. In my view, OKE's 6.1% dividend at the current $68 share price remains viable. The forward 12-month P/OCF ratio of 6.5 is considerably less than the 10-year average P/OCF ratio of 9.7 and $100+ fair value per share estimate.
Dividend Stock #4: Royal Gold (RGLD)
One final stock on my watch list for December 2025 is Royal Gold. This is a newcomer to the series, with me having just opened a position in the stock days ago. Interested readers can find my investment thesis in this Seeking Alpha listicle from September.
There are many things that I like about the precious metals streaming and royalty company. Its business model is low-risk and the profit margins are exceptionally high (50%+). RGLD is positioned to cash in on the ongoing rally in gold and other precious metals. The company also recently closed acquisitions for Sandstorm Gold and Horizon Copper. This added dozens of development assets to its portfolio, as well as over 200 assets in the evaluation and exploration stages to drive growth for many more years. RGLD has been a consistent dividend grower over the years as well, with a payout ratio that can support further payout growth. From the current $177 share price, the stock's forward 12-month P/OCF ratio is 11.3. That's much lower than the 10-year average P/OCF ratio of 20.5 and our fair value per share estimate near $270.
Concluding Thoughts:
So, that's my watch list for the coming weeks. Overall, I plan on allocating capital about evenly between the four stocks. In my view, this provides a great balance of income, growth, and value for my investment objectives. Together, the quartet could provide a yield in high-2% range with strong growth prospects and an attractive value profile.
Last but definitely not least, I would like to thank all United States military veterans for their service to this great nation!
Discussion:
Are any of META, NVO, OKE, or RGLD on your watch list for next month?
If not, what stocks are on your radar for December 2025?
Thanks for reading and please feel free to comment below!
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