Tuesday, May 23, 2023

June 2023 Dividend Stock Watch List

As I'm writing this blog post on Friday, May 19th, the weather is set to be ideal here in Central Wisconsin. The high temperatures are going to reach into the low- to mid-70s Fahrenheit this weekend with sunshine. That's precisely why I plan on knocking this blog post out of the way to get outside this weekend!

With the month of May not far away from being complete, now would be a good time to highlight three dividend stocks that are on my radar for June 2023.

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Dividend Stock #1: Enterprise Products Partners (EPD)

The first dividend stock on my watch list for June 2023 is Enterprise Products Partners (EPD). It has been a while since I covered the stock on Motley Fool. But the basic premise of my investment thesis remains intact from my prior article covering EPD last November (as well as Altria Group and VICI Properties).

Natural gas, crude oil, and petrochemicals are essential to the modern economy and will remain that way for at least several decades. And few companies stand to benefit as much from the demand for these products as EPD, with its 50k-plus miles of energy infrastructure throughout the U.S. The company has also grown its distribution for almost a quarter of a century (nearly as long as I have been alive). Income investors can pick up the stock's 7.5% distribution yield at a unit price of just $26.15 (as of May 19, 2023).

Dividend Stock #2: General Dynamics (GD)

The next dividend stock I'm watching for next month is General Dynamics (GD). As I explained in my previous Motley Fool article on the stock (and Home Depot and Genuine Parts) earlier this month, defense contractors won't be going away anytime soon.

As one of the biggest players in its industry, GD is well-positioned to keep growing in the future. Coupled with a market-beating 2.5% dividend yield, the stock is a solid buy in my opinion at the current $211 share price (as of May 19, 2023).

Dividend Stock #3: Medtronic (MDT)

The third dividend stock on my watch list for June 2023 is Medtronic (MDT). Readers looking for a more in-depth dive into MDT can check out my last Motley Fool article on the stock (and Cigna) from last month.

Basically, MDT's varying medical devices reach tens of millions of patients each year. And with the company investing billions of dollars each year on research and development, its reach is likely to grow in the future. This should support respectable growth in the payout moving forward as well. Dividend growth investors can buy the stock and its 3.1% dividend yield at an attractive share price of just $89.64 (as of May 19, 2023).

Concluding Thoughts:

If things go as planned, June 2023 will be another month of capital deployment in the low-$3,000 range. I'm looking forward to adding to my positions in at least several world-class dividend growth stocks next month!


Are any of EPD, GD, or MDT on your watch list for next month?

If not, what stocks are you thinking about buying in June 2023?

I appreciate your readership and welcome your comments below!

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