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3 Established Companies That Are Solid Investments for 2024

The allure of growth stocks has become a pressing theme on Wall Street. Investors just cannot ignore the serenity that established companies provide. They supply not only consistent dividend payouts, but often have robust cash flow generation capabilities. Moreover, the top stable stocks are a lot less prone to the increased volatility during bear markets and global macroeconomic uncertainties. 

These established companies are industry leaders, consistently delivering value to shareholders, and capitalizing on emerging market opportunities. While they can be categorized as boring investments, investors can count on them to provide peace of mind. With a track record of reliable performance, achieving long term portfolio success becomes paramount. 

Below are the 3 top stable stocks to consider for 2024!

Procter & Gamble Co (PG)

Procter & Gamble Union Distribution Center. P&G is an American Multinational Consumer Goods CompanySource: Jonathan Weiss / Shutterstock.com

Procter & Gamble Co (NYSE:PG) is an American multinational consumer goods company headquartered in Cincinnati, Ohio. They are one of the world’s most prominent companies, owning key brands that include; Crest, Oral-B, Pampers, Tide, Bounty and Charmin. 

What makes PG stand out is their unique history and dominance in the consumer packaged goods industry. They have a monopoly on some of the most important brands in personal care, feminine hygiene, cleaning supplies, oral care and grooming. Their forward-thinking approach has led to a history of nearly two centuries, making a meaningful impact on everyday consumers’ lives. 

For Q1 2024, PG revenue grew 6% YOY to $21.9 billion. Earnings per share grew 17% YOY to a record $1.83 per share, with operating cash flow of $4.9 billion. Furthermore, gross margin increased by 460 basis points in the quarter, primarily driven by an increase in prices and higher sales volume. With a 67 year track record of consecutive dividend increases, PG is one of the best reliable stock picks for 2024.

Coca-Cola Co (KO)

Coca-Cola Consolidated sign outside of their building. COKE Stock.Source: Jonathan Weiss / Shutterstock

Coca-Cola Co (NYSE:KO) is one of the best established companies. If you haven’t been living under a rock, there is a chance that you’ve consumed one of Coca-Cola’s products. 

They were founded in 1886, and have remained one of America’s most iconic companies. Some of their most notable brands include; Coca-Cola, Sprite, Diet Coke, Nestea, Fruitopia and Dasani. It is also 9.25% owned by Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) the conglomerate holding company owned by legendary investor Warren Buffett.

In their latest quarterly results, Coca-Cola’s revenue grew 8% YOY to $11.95 billion. Net income swelled 9% YOY to $3.19 billion, or 71 cents per share. However, what was more impressive was the company’s FCF, a net increase of $636 million from the year prior. The company is seeing continued momentum in emerging markets, with inflationary pressures driving organic revenue growth. As diversification becomes a key pillar, KO remains one of the top stable stocks to consider in January 2024. 

PepsiCo (PEP)

Pepsi (PEP) Factory in Samara, Russia. Pepsi logo on a blue warehouse.Source: FotograFFF / Shutterstock

PepsiCo (NYSE:PEP) should be on your radar when considering the top stable stocks to buy for 2024. If you’re looking for a no-brainer dividend growth stocks, PepsiCo definitely needs more of your attention.

PepsiCo is a multinational food and beverage company, headquartered in Harrison, New York. They oversee both manufacturing and distribution, with their brands touching nearly every country in the world. Some of their brands include Pepsi, Frito Lay, Mountain Dew, Gatorade, Doritos and Quaker Oats. 

In Q3 2023, revenue increased 7% YOY to $23.45 billion. Net income also increased 14% YOY to $3.09 billion, or $2.24 per share. PepsiCo continues to see strong demand in Latin America, with Frito Lay North America seeing strong double digit growth. For FY23, the company expects 10% revenue growth and approximately 13% EPS growth. Additionally, they have returned approximately $7.7 billion to shareholders in the form of dividends and share repurchases. This makes PepsiCo one of the best long term investments for 2024. 

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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