Looking For Yields: Target, TXNM Energy And Tyson Foods Are Consistent Moneymakers

Companies with a long history of paying dividends and consistently increasing them remain appealing to income-focused investors. Target, TXNM Energy and Tyson Foods have rewarded their shareholders for decades and announced dividend hikes not too long ago. Furthermore, these companies offer high dividend yields of over 3%.

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Target

Target Corporation TGT is one of the largest retailers in the U.S., with its strategy predicated on delivering a gratifying in-store shopping experience and a wide product assortment of trendy apparel, home goods and household essentials at competitive prices. The firm's physical footprint is primarily concentrated in urban and suburban markets, targeting a more affluent consumer base.

According to the company's most recent dividend announcement on June 12, its Board of Directors increased the quarterly dividend by 1.8% to $1.12 per share, equating to $4.48 annually. This will be the company’s 228th consecutive dividend payment since October 1967, when it became publicly held. With this increase, 2024 is on track to be the 53rd consecutive year in which Target has increased its annual dividend. The current yield on the dividend stands at 3.10%.

Target Corporation TGT reported second-quarter results that were a positive surprise. Second quarter adjusted earnings per share came in at $2.57 beating estimates and sales of $25.45 billion were up by 2.7%. The company raised its earnings outlook based on the positive results. 

TXNM Energy

TXNM Energy, Inc. TXNM is a holding company that owns regulated utility companies providing energy to houses and businesses across Texas and New Mexico using its utilities.

TXNM Energy has increased its dividends consecutively since 2012, with the most recent hike announced at the end of last year. According to the company's news release on Dec. 5, its Board of Directors raised the quarterly dividend by 5.4% to $0.3875 per share, which is equal to $1.55 annually. Currently, the company's dividend yield is 3.82%.

The company’s annual revenue (as of June 30) is $1.8 billion. According to its Q2 2024 earnings report, released on July 31, it generated revenues of $488.10 million and EPS of $0.60, both above Street estimates.

"Results for the second quarter and first half the year are ahead of expectations," said Pat Vincent-Collawn, PNM Resources Chairman and CEO. "Our long-term plans incorporate opportunities to invest and advance our grid infrastructure, including the System Resiliency Plan we will file at TNMP and Grid Modernization at PNM."

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Tyson Foods

Tyson Foods, Inc. TSN is a protein-focused food producer that sells raw chicken, beef, pork and prepared foods. Chicken and beef are its two largest segments, comprising about one-third of U.S. sales. Prepared foods constitute roughly 20% of sales and include brands like Tyson, Jimmy Dean, Hillshire Farm, Ball Park and Sara Lee.

Tyson Foods has raised its dividends every year for the last 12 years. In its most recent dividend hike announcement on Nov. 13, 2023, the company raised its quarterly dividend from $0.48 to $0.49 per share or $1.96 annualized, with a yield of 3.14%.

As of June 30, the company's annual revenue stood at $53.1 billion. In its most recent earnings release on Aug. 5, Tyson Foods reported Q3 2024 revenues of $13.35 billion and EPS of $0.87, both surpassing consensus estimates.

“Our disciplined actions and focus on the fundamentals have resulted in a positive turnaround of our business,” stated Donnie King, President & CEO of Tyson Foods. “In Q3, we delivered the highest adjusted operating income in the last seven quarters while generating strong free cash flow. Looking ahead, we will continue to strive to be best-in-class operators, drive efficiencies, value-up our portfolio, win with customers and consumers and be disciplined in our capital deployment."

In summary, Target, TXNM Energy and Tyson Foods are solid options for investors seeking reliable passive income. Their offered yields of over 3% and their long history of consistent dividend increases make them particularly attractive to income-focused investors.

Looking For Higher-Yield Opportunities?

The current high-interest-rate environment has created an incredible opportunity for income-seeking investors to earn massive yields, but not through dividend stocks… Certain private market real estate investments are giving retail investors the opportunity to capitalize on these high-yield opportunities and Benzinga has identified some of the most attractive options for you to consider. 

For instance, the Ascent Income Fund from EquityMultiple targets stable income from senior commercial real estate debt positions and has a historical distribution yield of 12.1% backed by real assets. With payment priority and flexible liquidity options, the Ascent Income Fund is a cornerstone investment vehicle for income-focused investors. First-time investors with EquityMultiple can now invest in the Ascent Income Fund with a reduced minimum of just $5,000. Benzinga Readers: Earn a 1% return boost on your first EquityMultiple investment when you sign up here (accredited investors only).

Don't miss out on this opportunity to take advantage of high-yield investments while rates are high. Check out Benzinga's favorite high-yield offerings.