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The stock market has been awash in volatility for the past few days and after a sharp decline, it is starting to offer some buying opportunities. CNBC's Jim Cramer has this advice for investors based on current market conditions, "First, stick with dividend-paying stocks because they pay you to wait. Second, avoid Treasury bonds at all costs, especially in light of comments by the U.S. Federal Reserve on Tuesday, announcing it will keep rates low...". Cramer goes on to say, "More than anything else, what you need at this moment is a shopping list of stocks that make sense at these levels and make even more sense if they go lower." See all his comments here.

Here is a review of Cramer's latest "Buy, buy, buy" dividend stock picks:
Consolidated Edison (NYSE:ED) is a major utility providing electric, gas and steam primarily in New York, New Jersey, Pennsylvania, and other areas. This stock has pulled back and now yields 4.5%. The dividend has been raised each year for the last 37 years and a utility stock is all about stability.

Here are some key points for ED:

Current share price: $51.90
The 52-week range is $46.12 to $54.36
Earnings estimates for 2011: $3.55 per share
Earnings estimates for 2012: $3.69 per share
Annual dividend: $2.40 per share, which yields 4.5%
Book value: $38.43 per share

Verizon (NYSE:VZ) is a leading communications company and provides voice, Internet access, broadband data, long distance, etc. This stock offers a solid dividend payout that beats most stocks and other investments. Verizon offers services that will be needed regardless of whether the economy is weakening or not and the dividend is likely to keep it from dropping much more even if the markets decline further. Cramer likes this stock now because it has pulled back.

Here are some key points for VZ:

Current share price: $34.29
The 52-week range is $29.10 to $38.95
Earnings estimates for 2011: $2.24 per share
Earnings estimates for 2012: $2.60 per share
Annual dividend: $1.95 per share, which yields 5.6%
Book Value: $13.90 per share

Bristol Myers (NYSE:BMY) is a leading pharmaceutical company. Cramer likes the new drug pipeline and thinks Bristol Myers could be a takeover target. The yield is one of the highest available on this list at 4.8%.

Here are some key points for BMY:

Current share price: $27.10
The 52-week range is $24.97 to $29.73
Earnings estimates for 2011: $2.25 per share
Earnings estimates for 2012: $2.04 per share
Annual dividend: $1.32 per share, which yields 4.8%
Book value: $9.59 per share

Kimberly-Clark (NYSE:KMB) makes a variety of well known consumer products such as Kleenex, Cottonelle, Viva, Huggies diapers, etc. With oil prices falling, it could improve profit margins on the products manufactured by this company. This stock is trading close to the 52-week low and pays a solid 4.4% dividend yield.

Here are some key points for KMB:

Current share price: $64.24
The 52-week range is $61 to $68.49
Earnings estimates for 2011: $2.12 per share
Earnings estimates for 2012: $2.67 per share
Annual dividend: $2.80 per share, which yields 4.4%
Book value: $14.93 per share

Darden Restaurants, Inc. (NYSE:DRI) operates a number of well known restaurants such as Red Lobster and The Olive Garden. With oil prices dropping substantially, consumers will be paying less for gas and that creates more disposable income for restaurant dining.

Here are some key points for DRI:

Current share price: $46.12
The 52-week range is $37.08 to $52.12
Earnings estimates for 2011: $3.87 per share
Earnings estimates for 2012: $4.37 per share
Annual dividend: $1.72 per share, which yields 3.6%
Book value: $14.38 per share

Data sourced from Yahoo Finance. No guarantees or representations are made.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Disclaimer: Hawkinvest is not a registered investment advisor and does not provide specific investment advice. The information is for informational purposes only. You should always consult a financial advisor.
Source: Cramer's Latest Dividend Stock Picks