5 Best Consumer Staples Dividend Stocks to Buy Now

3. The Clorox Company (NYSE:CLX)

Dividend Yield as of November 8: 3.28%

The Clorox Company (NYSE:CLX) is a California-based manufacturer and marketer of consumer and professional goods. The company mainly specializes in bleach and cleaning products. It has a strong dividend history, paying regular dividends to shareholders for the past 50 years. Moreover, the company has raised its payouts consistently for the past 20 years, coming through as one of the best dividend stocks to buy. Currently, it pays a quarterly dividend of $1.18 per share and has a dividend yield of 3.28%, as of November 8.

In fiscal Q1 2023, The Clorox Company (NYSE:CLX) reported revenue of $1.74 billion, which beat estimates by $40 million. The company’s operating cash flow year-to-date came in at $178 million, compared with $41 million during the same period last year. It ended the quarter with $278 million in cash and cash equivalents, up from $183 million in the previous quarter.

In November, DA Davidson lifted its price target on The Clorox Company (NYSE:CLX) to $155 with a Neutral rating on the shares. The firm expects the company’s gross margins to expand on a year-over-year basis.

At the end of Q2 2022, the number of hedge funds tracked by Insider Monkey reported owning stakes in The Clorox Company (NYSE:CLX) grew to 31, from 26 in the previous quarter. These stakes have a total value worth $570.4 million.