5 High Dividend Stocks to Shore Up Your Cash Position Before Recession Begins

In this article, we discuss 5 high dividend stocks to shore up your cash position before recession begins. If you want to skip our detailed discussion on analysts’ views about the recession, go directly to read 10 High Dividend Stocks to Shore Up Your Cash Position Before Recession Begins. 

5. Walgreens Boots Alliance, Inc. (NASDAQ:WBA)

Dividend Yield as of August 4: 4.92%

An American pharmaceutical retail company, Walgreens Boots Alliance, Inc. (NASDAQ:WBA) presented solid earnings in fiscal Q3 2022, with its operating cash flow standing at $1.6 billion, up from $1.08 billion in the previous quarter. The company generated $1.25 billion in free cash flow, compared with $669 million in fiscal Q2. Moreover, Walgreens Boots Alliance, Inc. (NASDAQ:WBA) had over $2.2 billion available in cash and cash equivalents at the end of the quarter.

On July 13, Walgreens Boots Alliance, Inc. (NASDAQ:WBA) announced a quarterly dividend of $0.48 per share, up 0.5% from its previous dividend. The stock’s dividend yield came in at 4.92%, as of August 4. The company has been paying dividends for the past 89 years and it has not broken its streak of raising dividends for 47 years.

In July, RBC Capital appreciated the strong earnings of Walgreens Boots Alliance, Inc. (NASDAQ:WBA) and recovery in its international business but showed concerns about supply chain issues. In light of this, the firm set a $42 price target on the stock, with a Sector Perform rating on the shares.

According to Insider Monkey’s Q1 2022 database, 38 hedge funds owned stakes in Walgreens Boots Alliance, Inc. (NASDAQ:WBA), down from 42 a quarter earlier. These stakes hold a consolidated value of $736.8 million.

Miller Howard Investments mentioned Walgreens Boots Alliance, Inc. (NASDAQ:WBA) in its Q3 2021 investor letter. Here is what the firm had to say:

“While optimistic about a recovery, we continue to balance our cyclical holdings with dividend-payers in stable, less economically-sensitive industries. We took a position in Walgreens (WBA) based on its low valuation, high dividend yield, and stable business model.”