5 Best Undervalued Dividend Kings to Buy in September

3. Dover Corporation (NYSE:DOV)

P/E Ratio: 16.30

Dover Corporation (NYSE:DOV) is an American manufacturing company that delivers innovative equipment and components and consumable supplies. In Q2 2022, the company reported revenue of $2.16 billion, which showed a 6.4% year-over-year growth. The company’s operating cash flow for the quarter came in at $178.7 million, compared with $23.6 million in the previous quarter. Its free cash flow also jumped to $128.5 million, from $26.7 million in the preceding quarter.

On August 4, Dover Corporation (NYSE:DOV) declared a 1% hike in its quarterly dividend to $0.505 per share. This was the company’s 67th consecutive year of dividend growth. As of September 6, the stock’s dividend yield came in at 1.57%.

In July, Mizuho reiterated its Buy rating on Dover Corporation (NYSE:DOV) with a $155 price target, as customers’ ordering behaviors are normalizing after the pandemic.

Adage Capital Management owned stakes worth over $100 million in Dover Corporation (NYSE:DOV), becoming the company’s leading stakeholder in Q2. Overall, 30 hedge funds in Insider Monkey’s database owned stakes in the company in Q2, up from 27 in the previous quarter. These stakes hold a total value of $420.3 million.