The S&P/TSX Composite Index was down 16 points in mid-afternoon trading on April 12. The Bank of Canada (BoC) is set to hold its interest rate announcement when markets open tomorrow. Investors may want to target dependable dividend stocks as the expected upward move may stir more turbulence.
In 2021, ResearchAndMarkets released a report on the North American spirits market. This market is expected to grow to US$278 billion by 2028. That would represent a CAGR of 7.7% from 2021 to the end of the projection period. Investors should be eager to get in on this space. The alcohol space has proven resilient in the face of previous economic pullbacks.
Corby Spirit and Wine (TSX:CSW.A) is a Toronto-based company that is engaged in the manufacture, marketing, and importing of spirits and wines in Canada. Shares of this dividend stock have climbed 12% in 2022 at the time of this writing. The stock is up 6.9% from the prior year.
This company released its second quarter fiscal 2022 results on February 10. Total revenues were reported at $45.2 million in Q2 FY2022 – up 7% from the previous year. Meanwhile, adjusted net earnings jumped 18% year-over-year to $10.8 million. Corby benefited from solid growth in the Canadian spirits market even in the face of supply chain issues.
Shares of this dividend stock last possessed a favourable price-to-earnings ratio of 19. It currently offers a quarterly dividend of $0.24 per share. That represents a strong 5.1% yield.
