In a world where financial stability and freedom are highly sought after, the idea of generating passive income to achieve a life of relaxation and enjoyment is incredibly appealing. While it may seem like a lofty goal, it is indeed possible with the right strategies and investments in place. One key way to achieve this is by investing in dividend stocks that offer consistent returns over the long term. Here are three dividend stocks that you can buy now and hold forever to secure decades of passive income.
1. AbbVie (NYSE: ABBV)
AbbVie is a leading biopharmaceutical company that boasts a strong portfolio of blockbuster drugs, including Humira and Botox. With 52 consecutive years of dividend increases, AbbVie is a Dividend King that offers a forward dividend yield of around 4%. The company’s financials are robust, with revenue totaling $54.3 billion last year and a cash position of over $18 billion as of March 31, 2024. Despite facing biosimilar competition for Humira, AbbVie is poised for growth with new products like Rinvoq and Skyrizi.
2. Lowe’s Companies (NYSE: LOW)
Lowe’s Companies is a major player in the home improvement retail industry, operating over 1,700 stores across the U.S. As a Dividend King with 51 consecutive years of dividend increases, Lowe’s offers a forward dividend yield of slightly over 2%. The company’s revenue reached $86.4 billion in its fiscal year ending Feb. 2, 2024, with a profit of over $7.7 billion. Despite challenges in the current macroeconomic environment, Lowe’s long-term outlook remains strong, driven by the aging housing stock in the U.S.
3. Public Storage (NYSE: PSA)
Public Storage is a real estate investment trust (REIT) that owns and operates self-storage facilities across 40 U.S. states. With a forward dividend yield of 4.3% and a 50% increase in dividend payout last year, Public Storage offers attractive returns for investors. The company’s strong funds from operations (FFO) and solid credit ratings from Moody’s and S&P position it well for long-term success. As the self-storage market continues to grow, Public Storage’s scale, brand recognition, and technology give it a competitive edge for decades to come.
By investing in dividend stocks like AbbVie, Lowe’s Companies, and Public Storage, you can build a portfolio that generates passive income for years to come. These companies offer stability, growth potential, and attractive dividend yields that can help you achieve financial freedom and enjoy the life you desire. Consider adding these dividend stocks to your investment portfolio and watch your passive income grow over time.
