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Since the start of 2012, SPY has rallied about 9%, and is approaching a four-year high. Suffice to say the market has been on a bullish run. However, not all stocks have approached their four-year highs. Perhaps they have a very small market cap and very few analysts follow it. Maybe there is an underlying issue with the business, or it's also possible the stock is wildly undervalued and investors haven't yet caught on to this fact quite yet.

With that said, here are six food and beverage stocks trading on down from their 52 week highs which might warrant further research:

1. PepsiCo, Inc. (NYSE:PEP) is a global food, snack and beverage company. Brands include: Quaker Oats, Tropicana, Gatorade, Walkers, Pepsi, Gamesa, Sabritas and Lay's. PEP sports a $98 billion market cap, 3.3% dividend yield, 50% payout ratio and a forward P/E ratio of 14 with $4.5 billion in cash on hand and $26.7 billion in debt.

2. Tootsie Roll Industries, Inc. (NYSE:TR) engages in the manufacture and sale of confectionary products, such as Tootsie Roll, Tootsie Roll Pops, Caramel Apple Popos, Blow Pop, Junior Mints and more. TR sports a $1.39 billion market cap, 1.3% dividend, 33% payout ratio with $35 million in cash on hand and $7.5 million in debt.

3. Kellogg Company (NYSE:K) manufacturers ready-to-eat cereals and convenience foods. The company markets their products in over 180 countries worldwide. K sports a $18.75 billion market cap, 3.3% dividend yield and a 49% payout ratio with $460 million cash on hand and $6 billion in debt.

4. Diamond Foods, Inc. (NASDAQ:DMND) is a packaged food company focused on processing, marketing and distributing snack foods and nuts. The company sells its food globally and relies on regional grocery, drug and convenience stores to sell its products. DMND sports a $540 million market cap, 0.80% dividend yield 8% payout ratio and $3 million cash on hand with $537 million in debt.

5. General Mills, Inc. (NYSE:GIS) is a global manufacturer of packaged foods sold throughout retail stores. General Mills, Inc. manufacturers its products in 15 countries and markets them in more than 100 countries. GIS sports a $25 billion market cap, 3.1% dividend yield, 50% payout ratio and $509 million cash on hand with $8 billion in debt.

6. Campbell Soup Company (NYSE:CPB) manufacturers and market convenience food products. The company produces soup, specialty entrees, beverage products, frozen offerings and sauces. CPB sports a $10.5 billion market cap, 3.6% dividend yield, 48% payout ratio and $285 million in cash on hand with $3.1 billion in debt.

Again, despite the fact these stocks are trading at a discount to their 52 week highs, it's always a safe idea to perform due diligence prior to jumping on board and purchasing shares. However, with that said, these stocks may be an appropriate place to begin your research based on risk tolerance and dividend investing requirements.

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

Source: 6 Food And Beverage Stocks Trading Down From 52 Week Highs