5 Dividend-Paying Tech Stocks to Buy Now After the Worse Sector Sell-Off in Years
It has been almost 15 years since we have seen this kind of selling and overall disruption in the technology sector. For many investors who were long the biggest names, it has been a disaster. Most of the mega-cap technology giants have announced massive layoffs, with Amazon joining the fray this week saying it will be giving the pink slip to as many as 10,000 employees. The good news for investors with dry powder is that some of the biggest and best companies are on sale.
We screened our 24/7 Wall St. technology research universe looking for quality stocks with products and services that are still in demand and, most importantly, will remain so for years to come. Then we looked for stocks that are rated Buy and pay consistent and dependable dividends. These five top companies made the cut, and all make sense for investors with a long-term horizon. It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
This stock has been crushed, and while suitable only for more aggressive investors, Wall Street continues to like the company for dividend growth. Broadcom Inc. (NASDAQ: AVGO) has an extensive semiconductor product portfolio that addresses applications within the wired infrastructure, wireless communications, enterprise storage and industrial end markets.
Applications for Broadcom’s products in its end markets include data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, servers and storage, factory automation, power generation and alternative energy systems and displays.
Top analysts and many on Wall Street are very positive on the company’s massive $10 billion share repurchase authorization through December of 2023, which represents about 4.2% of the company’s market cap.
Broadcom stock investors receive a 3.20% dividend. BofA Securities has a $625 price target, but the consensus target is higher at $644.80. The stock closed trading on Thursday at $512.11.
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Investors who are more conservative may want to consider this mega-cap tech leader, which posted outstanding quarterly results this week. Cisco Systems Inc. (NASDAQ: CSCO) designs, manufactures and sells internet protocol (IP) based networking products and services related to the communications and information technology industry worldwide.
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