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One of the best ways to build wealth is by jumping into incredibly oversold large cap stocks.
It’s even better if they pay dividends.
That way, you can make money from the potential price appreciation and yield. Even better, with a lot of solid companies, pullbacks are often temporary.
Look at Target (SYM: TGT), for example.
Oversold at double bottom support, with over-extensions on RSI, MACD, and Williams’ %R, we do expect to see Target start to pivot higher. In fact, from its last traded price of $89.72, we’d like to see it initially retest $105, which would refill its bearish gap.
While we wait for the pivot, we can at least collect Target dividends.
Last checked, TGT now yields 5.08%. Even better, the retailer continues to hike its dividends. Its last dividend of $1.14 per share – which marks its 232nd dividend increase in 54 years – was paid out on September 1. Its next one for $1.14 per share will be paid on December 1 to shareholders of record as of November 12.
As noted by Target, “The 4th quarter dividend will be the company's 233rd consecutive dividend paid since October 1967 when the company became publicly held.”
Additionally, we have to consider that Target’s current valuation factors in a great deal of negativity – especially as it traded at 10.5x earnings, as compared to Walmart’s 38.
Amcor (SYM: AMCR)
Amcor is a global leader in developing and producing consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty, and wellness categories.
Most recently, the stock slipped after missing on top and bottom line estimates. EPS of 20 cents was missed by two cents. Revenue of $5.08 billion, up 43.5% year over year, missed by $100 million. However, the stock appears to have priced in the miss, catching support at $8.33.
Making it even more attractive, the company will pay a quarterly dividend of $0.1275 on September 25 to shareholders of record as of September 5.
Plus, analysts at Goldman Sachs just initiated coverage of AMCR with a buy rating, noting that “While the company’s demand backdrop remains challenging, Amcor’s valuation at current levels provides support,” as quoted by Tip Ranks.
MicroStrategy (SYM: MSTR)
Last trading at $335, MSTR is now oversold at support dating back to April. It’s also over-extended on RSI, MACD, and Williams’ %R. From here, we’d like to see MSTR retest $425.
The last few times MSTR became this technically oversold, it bounced as expected. In fact, we saw it bounce in April, in late February, and last September from similar oversold conditions. Fueling further upside potential, MSTR just bought another $60.2 million worth of Bitcoin during the week of September 8 to 14. MSTR now owns a total of 638,460 BTC.
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Written by Ian Cooper